The Daily Hodl reports:
A bank in the US is settling with customers affected by a cybersecurity breach that exposed sensitive personal information.
According to new class action documents, Cadence Bank – a regional bank headquartered in the South – has agreed to a $5.25 million settlement over a data breach tied to vulnerabilities in the third-party file transfer software MOVEit, which was used by the bank and allowed cybercriminals to access customer data in May 2023.
Cadence Bank has set aside $5,250,000 in its settlement fund, with affected individuals eligible to receive up to $2,500 each for documented losses related to the breach.
Read more at The Daily Hodl.
Cadence Bank isn’t the only bank settlement recently announced. The Daily Hodl also reports that a second U.S. bank has settled litigation:
A US bank has agreed to pay hundreds of thousands of dollars to compensate its customers after their data fell into the hands of an unauthorized actor.
According to the settlement administrator’s portal, the Savannah, Georgia-based lender, First Chatham Bank, will pay $475,000 to end a class action lawsuit filed following a data breach that happened in September of 2024.
The breach happened when an unauthorized actor accessed First Chatham Bank’s computer systems and obtained confidential files bearing sensitive customer information.
Read more about this case at The Daily Hodl.
