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Equifax to pay up to $700 million in data-breach settlement

2019-07-22 17:26 by
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Equifax will pay up to $700 million in fines and monetary relief to consumers over a 2017 data breach at the credit reporting bureau that affected nearly 150 million people.

The Federal Trade Commission announced Monday that Equifax will pay at least $300 million and as much as $425 million to compensate affected people. That money will go into a fund that will also reimburse people who purchased credit- or identity-monitoring services because of the 2017 data breach. The amount of the settlement could change depending on the number of claims still to be filed by consumers.

Equifax was accused of failing to adequately patch a security flaw that enabled hackers to swipe about 147 million names and dates of birth, 145.5 million Social Security numbers and 209,000 payment card numbers and expiration dates in 2017.

Equifax will not be required to plead guilty as part of the settlement, but executives could be charged at a later date. The firm will be subject to an independent third-party assessor that will have "extensive access to review, assess and report on the company's compliance," according to FTC Chairman Joe Simons.

Read more -here-

 

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