Equifax has agreed to a settlementĀ over itsĀ 2017 data breach that saw as many as 147 million peopleās personal information, including names, birth dates, addresses, and social security numbers, exposed by the company. Taken from The Verge news article,
As part of the settlement, the company will pay at least $575 million, but this could rise to as much as $700 million depending on the amount of compensation people claim. The company hasĀ agreedĀ to provide free credit monitoring services to anyone affected for up to 10 years, as well as cash payments of up to $20,000 per person to refund any costs incurred as a result of the breach.
āEquifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers,ā said FTC Chairman Joe Simons, āThis settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud.ā
āThis companyās ineptitude, negligence, and lax security standards endangered the identities of half the U.S. population,ā New York Attorney General Letitia James added in aĀ statement toĀ Reuters.Ā The breach, which has been calledĀ one of the worst in US history, wasĀ disclosed in September 2017Ā after Equifax failed to patch a vulnerability it was made aware of in March that year. Although its security team initially ordered for the vulnerability to be patched, it never followed up to make sure this had actually happened. The companyās former CEO laterĀ blamed a single employee for the oversight.Ā The continued existence of the vulnerability allowed hackers to access Equifaxās servers where they obtained an administratorās credentials stored in plain text. That gave them continuous access to steal the personal information of millions of people over the course of months.

