- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-10-03T12:00:00
T-Mobile, which experienced three huge data breaches in the past three years, agreed to pay $31.5 million in penalties and remediation for failing to protect millions of its customers’ personal information.
As part of a settlement between T-Mobile and the Federal Communications Commission, the telecommunications giant agreed to pay a $15.75 million fine and to invest $15.75 million in cybersecurity improvements.
The personal information of approximately 37 million T-Mobile customers was compromised in a January 2023 data breach, and that the company experienced other large data breaches in 2022 and 2021, in which 76 million customer accounts were compromised. Although not part of the FCC settlement announced Monday, T-Mobile had experienced several other smaller data breaches dating back to 2018.
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The Federal Communications Commission launched an investigation into T-Mobile after the telecommunications giant disclosed it suffered yet another significant cybersecurity lapse exposing customer information.
T-Mobile agreed to create a $350 million fund and spend an additional $150 million on improving its data security to settle a class-action lawsuit related to a 2021 hack that exposed the personal information of more than 76 million customers.
The FCC proposed fines against the four largest wireless carriers in the United States for allegedly selling access to their customers’ location information without taking reasonable measures to protect against unauthorized access.
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, will step down from his post Oct. 11. Grewal, who had served as the division’s director since 2021, will be replaced by Sanjay Wadhwa, currently the division’s deputy director, the SEC said.
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
Broker-dealer TD Securities failed to prevent a trader from placing and then withdrawing thousands of false trades over the course of a year in part because its compliance department failed to follow up on red flags generated by the illegal trades, three regulators said.
