Equifax to pay up to $700m to settle data breach

Equifax to pay up to $650 million in data breach settlement

"This comprehensive settlement is a positive step for USA consumers and Equifax as we move forward from the 2017 cybersecurity incident and focus on our transformation investments in technology and security as a leading data, analytics, and technology company", said Equifax CEO Mark W. Begor.

The credit rating giant will pay $300 million into a fund that will provide affected consumers with credit monitoring services and reimburse them if they paid for third-party credit monitoring, as well as other out-of-pocket expenses associated with the 2017 breach.

The restitution fund will be managed in connection with settlements from class-action lawsuits filed against Equifax, as well as settlements reached with the Federal Trade Commission and Consumer Financial Protection Bureau.

As part of the settlement, Equifax will provide a consumer restitution fund of up to $425 million.

The company has also agreed to pay $175 million to 48 states as well as the district of Columbia and Puerto Rico, the FTC tweeted. Equifax has agreed to offer up to 10 years of free credit monitoring (18 if you were a minor in May 2017), with four years of that including all three credit bureaus (Equifax, Experian, and TransUnion) as well as $1 million of identity theft insurnace.

In a news release, Marshall said Equifax "failed utterly".

British Airways faces record fine for data breach Information Commissioner's Office intends to fine airline for "poor security arrangements" - British Airways says it's "surprised and disappointed" by planned penalty.

Equifax CEO Mark Begor said several times on a conference call Monday that data connected with the breach has never been found for sale on the darknet.

More news: Blade Reboot Starring Mahershala Ali Coming From Marvel
More news: Man sets himself on fire outside Japanese embassy in Seoul
More news: Every Nintendo Switch game in the Amazon Prime Day sale

Maryland state attorney general Brian Frosh said the breach was troublesome because most consumers did not know their data was being collected or consent to it.

The Equifax hack has left over 143 million Americans vulnerable to identity theft. Consumers must submit a claim in order to receive free credit monitoring or cash reimbursements. The payment breaks down to cover time spent dealing with the breach ($25 per hour), costs incurred for credit monitoring between September 7, 2016 and Sept 7.

Consumers who decide not to enroll in the free credit monitoring available through the settlement may seek up to $125 as a reimbursement for the cost of a credit-monitoring product of their choice.

"This comprehensive settlement is a positive step for USA consumers and Equifax as we move forward", Begor said.

Equifax generated $3.4 billion in revenue in 2017 and $3.81 billion in revenue in 2018, according to its financial filings.

Consumers can receive up to $20,000 to cover any financial costs incurred as a result of the stolen information.

In addition to the monetary payout, the FTC said Equifax is required to implement a comprehensive information security program with a designated leader.

The deal also requires more changes to how Equifax handles private user data.

Related News:



Most liked

PepsiCo to buy South Africa’s Pioneer Food for $1.7bln
Shares in agribusiness investment company Zeder Investments, which holds Pioneer as part of its portfolio, also rose more than 22%.

Second tanker flying Liberian flag now tracking towards Iran in sharp turn
Tension has been growing since the U.S. withdrawal a year ago from the 2015 global deal to control Iran's nuclear capability. President Trump spoke on the matter, saying the drone was putting the safety of the ship and its crew at risk.

Trump aide Kellyanne Conway asks reporter ‘what’s your ethnicity?’
A lot of us are sick and exhausted of this country -- of America coming last... to people who swore an oath of office". What the president is doing is we are exhausted , sick and exhausted of many people in this country forget these four.

New Jersey congressman joins House Democrats 'Squad' because of an Onion article
Addressing widespread criticism of his remarks at the White House on Monday, the Republican said: "It doesn't concern me because many people agree with me".

NASA TV rebroadcasts Apollo 11 liftoff on 50th anniversary
NASA invited Buzz Aldrin and Michael Collins to the Kennedy Space Centre's Launch Complex 39A to mark the anniversary. On July 16, 1969, Apollo 11 lifted off from Cape Canaveral, Florida, carrying its crew to the Moon and into history.

Parliament elects #UrsulaVonDerLeyen as first female Commission President
Ms Von der Leyen also said she would be willing to allow for a further Brexit extension "should time be required for good reason". As the second largest political group after the centre-right European People's Party (EPP), the S&D represents 154 votes .

Djokovic vs. Federer Head to Head: Record & Grand Slams Won
This will be the fourth time Djokovic and Federer have met in a grand slam final and the 48th time they have gone head-to-head. Federer's mediocre approach shot provided Djokovic an opening for a backhand pass that earned a break and a 4-2 lead.

France passes tech tax despite United States investigation
Google has since defended its global tax payments and said it supports a new "comprehensive and multilateral agreement" on tax. The law, which goes into effect retroactively as January 1, 2019, targets about 30 companies around the world.

Federer Defeats Nadal to Reach Wimbledon Final; Djokovic Next
By ranking (22nd), he should not have presented much of a threat to Djokovic, who had won three of the previous four Grand Slams. Federer is looking for a record-extending ninth Wimbledon title, while Nadal is chasing his third.

Turkey Says First Parts Of Russian S-400 Missile System Delivered
The deal with Russian Federation has also raised concerns that Turkey is drifting closer to Moscow's sphere of influence. US officials have since encouraged Turkey to buy the Patriot missile defense system instead of the S-400s.

Google Translate’s instant camera gains support for 60 new languages today
In simple words, you can now translate Bengali int Hindi instead of English or Japanese into French and so on. Until now, Google Translate Instant Camera supports 88 languages but it now supports 60 more languages .

MLB commissioner Rob Manfred denies use of altered baseballs
Clark and Verlander have questioned whether Major League Baseball has more input into the ball since Rawlings Sporting Goods Co. Verlander insists the baseballs are juiced, as ordered by baseball's team owners who want more dingers. "It's not coincidence.

Apple axes 12-inch MacBook as it preps 16-inch MacBook Pro
Along with the updates to the MacBook Air and MacBook Pro for students , it now no longer sells the original 12-inch MacBook. Perhaps more importantly, though, the base price has come down to $1,099/£1,099 - $100/£100 cheaper than before.

Nintendo Switch Lite Announced; Cheaper Alternative Will Be Handheld Only
The Nintendo Switch Lite will launch on September 20 and costs $200, a sharp drop from the original model, which retails for $300. For those who now own a Nintendo Switch , the company is planning to let users transfer their data to the new system.

Serena Williams ‘in good place’ before semi-final against Barbora Strycova
Clearly unhappy with the comment, Konta continued "I don't think you need to pick on me in a harsh way". I think what I've done this grass court season has been a positive thing.





Most Commented