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2020 RANSOMWARE COSTING B'BAUD Featured

 Blackbaud expenses to pay $25 million to $35 million for costs stemming from a May 2020 ransomware attack. The nonprofit software company, which paid the ransom, faces hundreds of customers claims and 19 consumer class action cases in courts in the United States and Canada.

The hack on Blackbaud’s self-hosted environment lasted from February 7 through May 20, 2020, and affected data involving more than 6 million individuals. Insurance covered $12.8 million in related expenses in last year’s corresponding quarter. In the most recently ended quarter, insurance covered $1.8 million while the company was on the hook for $7.2 million. “Total costs related to the Security Incident that we expect will be recoverable exceeded the limit of our insurance coverage during the first quarter of 2022,” the company noted in its form 10-Q for the first quarter. Blackbaud says it has resolved about 190 claims for reimbursement of customer expenses out of approximately 260. There are also roughly 400 customers or attorneys who have reserved the right to seek reimbursement in the United States, United Kingdom and. Canada. The 17 U.S. class action suits have been consolidated into one. Data stolen included bank account information, Social Security numbers, usernames and/or passwords. 

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