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Home / Business / Equifax to pay up to $ 700M in breach settlement

Equifax to pay up to $ 700M in breach settlement



Equifax wants to pay $ 700 million to settle in federal and state-to-state investigations about a 145 million people.

Under the agreement announced by the Federal Trade Commission on Monday, the credit firm will pay $ 300 million to provide monitoring services for those affected by the hacking.

Equifax wants to pay $ 175 million to 48 states, the District of Columbia and Puerto Rico to settle for $ 100 million in civil penalties the Consumer Financial Protection Bureau.

"This settlement requires the company to take steps to improve its data security going forward, and to ensure that consumers are harmed by this breach Simons said in a statement.

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At the beginning of September almost two years ago, Equifax officially released the public about the mass cybersecurity intrusion, almost two months after it was discovered.

The breach ̵

1; one of the most severe in U.S. Pat. history – included sensitive information, as well as social security and driver's license numbers and prompted swift condemnation from bipartisan lawmakers, agencies and consumers.

The thieves were unable to access a company portal about.

Following the breach, the Atlanta-based company's stock tumbled and its CEO, Richard Smith, was ousted.

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Last year, Congress passed legislation barring credit-reporting from charging fees to freeze and unfreeze credit reports. Some lawmakers, including Sen. Elizabeth Warren, a 2020 presidential hopeful, have called for more robust FTC enforcement.


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