The Builders Mutual Insurance Company has agreed to a settlement of $1.475 million in a class action lawsuit related to a data breach that occurred in December 2022. The breach compromised sensitive data of its employees and policyholders, revealing names, Social Security numbers, health information, insurance data, and other sensitive information. The lawsuit was filed due to the company's alleged failure in implementing adequate cybersecurity measures to protect this sensitive information from unauthorized access. The terms of the settlement require Builders Mutual to offer credit monitoring services and compensation for unreimbursed economic losses and lost time to those affected. Class members who experienced fraud or identity theft due to the breach could receive up to $10,000 in compensation. Alternatively, they can opt for a cash payment estimated at $100. While Builders Mutual hasn't admitted any wrongdoing, the case illuminates the serious consequences of potential lapses in cybersecurity.