Michigan-based Financial Software Provider Preparing To Pay Out $5.5 Million In Data Breach Settlement

A financial software provider is preparing to distribute millions of dollars to consumers impacted by a data security incident.

The company has agreed to the $5.5 million class action resolution in federal court, reports Claim Depot.

The underlying lawsuit alleged inadequate protection of sensitive files at Doxim Inc., a Michigan-based third-party service provider serving credit unions and related financial clients.

Plaintiffs claimed an unauthorized access to the firm’s computer network allowed removal of names, addresses, account numbers and Social Security numbers from the company’s systems.

The company sent notices informing clients of the breach.

“On December 30, 2023, Doxim detected suspicious activity within the portion of its computer network supporting its credit union services. Upon discovering the situation, we promptly took these systems offline, notified law enforcement, and engaged industry-leading cybersecurity experts to investigate. As part of our investigation, we determined that files had been removed from our network.”

… Continue reading the full article at the original source below.