Equifax Will Pay Settlement Amount up to $700 Million for Massive Data Breach 2017

Equifax Will Pay Settlement Amount up to $700 Million for Massive Data Breach 2017

Credit-reporting company Equifax has reached an agreement to pay up to $700 million to state and government regulators. The settlement is for a massive data breach which took place two years ago, in 2017. At the time, the data leak had exposed the personal information of around 150 million customers. On Monday, the US FTC has confirmed that Equifax will recompense a minimal of $300 million and as far as $425 million to affected consumers. It is the largest-ever settlement amount paid for a data breach. The money will go into a fund that will pay back people who bought credit- or identity-monitoring services due to the 2017 data breach.

The FTC claims Equifax has breached the organization’s prohibition against unfair and fraudulent practices. According to the FTC, Equifax has failed to secure personal data of consumers’ despite assuring safety in its privacy policy. Whereas the statement from the FTC reveals consumers who will file a claim after starting the claims process will receive settlement benefits. The notice also notes the types of benefits consumers can claim in case of the Equifax data breach 2017. FTC said consumers are desirable to claim as much as $20,000 in cash payments.

Equifax had announced the 2017 data breach in the month of September. As per the FTC, the massive data leak exposed the personal information of 147 million people. Now the company has published its independent notification revealing the $700 million settlement. Equifax CEO Mark Begor, they have worked hard to resolve this problem for customers. The executive notes Equifax has the financial capacity to manage the agreement. He added, it is a positive step for both, the U.S. customers and the company. Even more, they aim to move forward from the incident of 2017 cybersecurity and data leak. The company has agreed to take various internal measures to avoid such incidents of data leak in the future.

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Categorized as Business

By Azad Abdul

Azad, one of the pivotal elements of our editorial team, has been in the journalism industry for more than 5 years. He has been writing about business and global affairs in general, but this learning aficionado has a taste for everything when it comes to good reporting and writing. If not in front of the writing desk, he can be spotted in a library or something.

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