Report: Equifax to Pay about $700M in Data Breach Settlement
IsraelDefense
| 22/07/2019
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US credit agency Equifax is expected to pay around $700 million to settle federal and state investigations and consumer claims relating to the 2017 data breach that exposed sensitive information belonging to nearly 150 million people, The Wall Street Journal reported.
Under the agreement, Equifax would pay about $700 million to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general. The deal would also resolve a nationwide consumer class-action lawsuit, the Journal reported.
The breach, which Equifax revealed in September 2017, resulted in the exposure of the personal data of 148 million individuals in the United States. The compromised data included names, dates of birth, Social Security numbers, phone numbers, email addresses, and driver’s license details.
The exact amount of money Equifax will have to pay may change, depending on the number of consumer claims filed. A fund will be established to compensate consumers for the harm that they suffered as a result of the breach, according to the report.
One source familiar with the settlement said Equifax would also be required to take measures aimed at protecting its data.
[Sources: The New York Times, USA Today]
bigstockphoto
US credit agency Equifax is expected to pay around $700 million to settle federal and state investigations and consumer claims relating to the 2017 data breach that exposed sensitive information belonging to nearly 150 million people, The Wall Street Journal reported.
Under the agreement, Equifax would pay about $700 million to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general. The deal would also resolve a nationwide consumer class-action lawsuit, the Journal reported.
The breach, which Equifax revealed in September 2017, resulted in the exposure of the personal data of 148 million individuals in the United States. The compromised data included names, dates of birth, Social Security numbers, phone numbers, email addresses, and driver’s license details.
The exact amount of money Equifax will have to pay may change, depending on the number of consumer claims filed. A fund will be established to compensate consumers for the harm that they suffered as a result of the breach, according to the report.
One source familiar with the settlement said Equifax would also be required to take measures aimed at protecting its data.
[Sources: The New York Times, USA Today]
