AMERICANS could claim thousands of dollars from a class action lawsuit settlement over a data breach.

A software company compromised consumer data in a security breach, leading to a $1.5 million settlement.

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The settlement benefits consumers who received a data breach notification from software company CGM.

CGM is a software solutions company serving wireless and broadband companies.

Those affected have received a notification stating that their data may have been compromised in a data breach in December 2022.

The class action lawsuit alleged that CGM failed to implement appropriate cybersecurity measures that could have protected consumers from the data breach.

During the breach, hackers are said to have gained access to sensitive consumer data.

CGM has not admitted any wrongdoing but has agreed to pay $1.5 million to resolve the class action lawsuit over the data breach.

Consumers affected by the breach may be eligible for benefits and credit monitoring.

Under the terms of the settlement, class members will receive three years of credit monitoring and identity fraud protection.

These services include three-agency surveillance and $1 million in identity theft insurance.

Class members may also receive cash payments from the settlement.

Individuals who have experienced documented costs associated with a data breach can receive up to $400 for normal losses, $20 per hour for up to four hours of lost time, and up to $4,000 for extraordinary losses.

Members of the group who have no documented losses may receive an alternative cash payment estimated to be around $20.

Actual payments may be higher or lower depending on the number of valid claims submitted.

Those affected by the data breach are expected to have receipts, invoices, account statements, credit reports, insurance claims and other documentation of losses resulting from the data breach.

What are your options?

CGM has agreed to settle a class action lawsuit for $1.5 million after a data breach compromised consumer information.

Those affected can get three years of credit monitoring and identity theft protection. These services include three-bureau monitoring and $1 million in identity theft insurance.

Class members may also receive cash payments from the settlement. Individuals may receive up to $400 for ordinary losses, $20 per hour for up to four hours of lost time, and up to $4,000 for extraordinary losses.

Members of the group who have no documented losses may receive an alternative cash payment estimated to be around $20.

Class members may choose to exclude themselves from the settlement or object, which means they will not receive any benefits from the settlement fund. The deadline for exclusion or objection is June 27, 2024.

The deadline for exclusion and objection is June 27, 2024.

The hearing on final approval of the settlement is scheduled for August 26, 2024.

To qualify for settlement benefits, class members must file a valid claim form no later than August 26, 2024.

According to the Harvard Business Review, data breaches increased sharply last year as many companies moved to cloud configurations.

It is estimated that more than 60% of corporate data worldwide is stored in the cloud.

In 2023, more than 80% of data breaches involved data stored in the cloud.

Companies are inadvertently abusing the cloud by “allowing excessively permissive cloud access, using unrestricted ports, and creating unsecured backups.”

Meanwhile, Cash App is paying Americans $2,500 out of a $15 million data breach settlement.

And LensCrafters agreed to a $39 million settlement to resolve a class action lawsuit over deceptive advertising.