What are the odds they link to a fake site again?
It’s been a while, so you’d be forgiven for forgetting about the Equifax hack that lost the data of 143 million Americans. Unless you were affected by it, in which case, you’re probably still pretty pissed. Especially after they were linking everyone to a fake site way back when.
Well, you’ll be happy to find out that they’re finally going to pay out damages for the whole mess. Per the FTC’s announcement on Monday, the deal will require Equifax to fork over $700 million to federal agencies, states and territories for the breach. In addition they are required to start a fund that must be at minimum $300 million but as much as $425 million to pay out to victimes ot eh breach, as well as provide 10 years of free credit monitoring for the affected.
This comprehensive settlement is a positive step for U.S. 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. The consumer fund of up to $425 million that we are announcing today reinforces our commitment to putting consumers first and safeguarding their data—and reflects the seriousness with which we take this matter. We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement while continuing our $1.25 billion EFX2020 technology and security investment program. We are focused on the future of Equifax and returning to market leadership and growth.
Equifax CEO Mark Begor
While they’re required to give free credit monitoring, you can opt for a $125 payout if you already have a means of monitoring. The fund will pay out up to $20,000 to those that have documented expenses caused by the breach. This includes the likes of identity theft, fraud, and other like hardships. Equifax will also provide free resources to those recovering from identity theft, as well as six free credit reports a year for all US citizens starting in 2020.
The settlement also requires Equifax to shore up their security to prevent any future breaches. Which, considering the data at risk, is a more than reasonable requirement. Even more so, considering the fact that the breach was deemed “entirely preventable“.
Per a statement by the FTC Chairman Joe Simons, companies like Equifax which “profit from personal information have an extra responsibility to protect and secure that data.”
Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers. This 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.
FTC Chairman Joe Simons
Source: Gizmodo
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