T-Mobile settles data breach cases with FCC for $31.5M
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 1 October 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Tuesday, October 1st. I'm Julie Morgan. |
| 0:13.2 | T-Mobile has to pay up following those data breaches. |
| 0:16.7 | CVS Health is weighing its options and PepsiCo is interested in Siete Foods. |
| 0:23.0 | T-Mobile U.S. has reached a 31.5 million dollar settlement with the Federal Communications Commission. |
| 0:30.0 | The settlement is related to data breach investigations that affected millions of U.S. customers over the last three years. |
| 0:38.0 | The FCC said T-Mobile will pay half that amount in a civil penalty and has agreed to pay the other half over two years |
| 0:45.3 | to strengthen its cybersecurity program. |
| 0:48.4 | The settlement resolves multiple cybersecurity breach investigations involving T-Mobile from 2021, 2022, and 2023. |
| 0:58.0 | According to the FCC's additional disclosures, |
| 1:00.9 | about 76.6 million T-Mobile users in the US were impacted in 2021. |
| 1:07.0 | In 2023, about 37 million current post-paid and prepaid and customer accounts were compromised. |
| 1:14.6 | T-Mobile will designate a Chief Information Security officer |
| 1:18.4 | and adopt multi-factor authentication practices, |
| 1:22.0 | among other things as part of the settlement. |
| 1:25.4 | The Board of CVS Health is considering its options amid shareholder activist pressure, and |
| 1:30.8 | one of those options is breaking up the company. |
| 1:33.7 | The Wall Street Journal reported that CVS has been conferring with bankers as part of its review. |
| 1:39.5 | Raiders first reported earlier that CVS was exploring its options |
| 1:44.0 | including a breakup to separate its retail and insurance units. The newspaper |
| 1:49.6 | citing sources familiar with the discussion also reported that a decision is not imminent |
| 1:55.3 | and the review could result in no major changes. |
... |
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