Stratfor to settle class action suit over hack

Basil Katz reports:

The global security analysis company Strategic Forecasting Inc will settle a class action lawsuit brought by one of its customers over a crippling attack by hackers who stole data of clients including Henry Kissinger, court documents show.

U.S. District Judge Denis Hurley in Central Islip on New York’s Long Island earlier this month gave his stamp of approval to a proposed settlement in a case that was filed in January.

Read more on Reuters.

I’m surprised at how little this is settling for:

The settlement called for Stratfor to offer class members who opt in to it one month of free access to its service, worth $29.08, and an electronic book published by Stratfor called “The Blue Book,” priced at $12.99. The two together may cost Stratfor approximately $1.75 million, according to estimates in the settlement.

The settlement also calls on Stratfor to pay for a credit monitoring service for class members who ask for it, as well as to continue paying for additional security to protect its networks. A $400,000 lump sum will go to paying plaintiff attorneys and various fees.

Once the settlement is given final approval, Stratfor agrees to share any amount it recovers from its insurer over the breach, the settlement documents said.

About the author: Dissent