• Home
  • News
  • Artificial Intelligence
  • Internet of Things
  • Open Source
  • Hardware
  • Software
  • Security
  • Whitepapers
  • Industry Voice
  • Data Strategy Spotlight
  • Newsletters
  • Whitepapers
    • Inqlogo 120x194
      Five things you should look for in choosing a Testing provider

      Choosing a Testing Partner can be complex.  So what do you look for?  This guide offers insight into the qualities you must look for in choosing a Testing provider.  Download now to learn more.

      Download
      Inqlogo 120x194
      Your questions answered: How to protect your data in the cloud

      The number of successful cyberattacks per year per company has increased by 46% over the last four years. But what really needs to be considered when exploring a solution? What questions need to be asked? Download to find out...

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Follow us
    • Twitter
    • Newsletters
    • Facebook
  • Newsletter
  • Industry Voice
  • Data Strategy Spotlight
The Inquirer
The Inquirer
  • Home
  • News
  • Artificial Intelligence
  • Internet of Things
  • Open Source
  • Hardware
  • Software
  • Security
  • Trending
  • General election
  • Huawei sues FCC
  • Xerox vs HP
  • Galaxy S11
  • McAfee 2020
The Inquirer
  • Security

Equifax to cough up $700m in FTC settlement over 2017 mega-breach

That'll surely affect its credit score

Equifax to cough up $700m in FTC settlement over 2017 mega-breach
Equifax is $700m poorer as of today
  • Carly Page
  • Carly Page
  • @CarlyPage_
  • 22 July 2019
  • Tweet  
  • Facebook  
  •  
  •  
  • Send to  
0 Comments

CREDIT RATING AGENCY Equifax has agreed to cough up $700m (£561m) in in a settlement with US regulators over its 2017 mega-breach.

The breach affected a whopping 147 million customers globally, including 15 million Brits, saw hackers make off with details including social security numbers, names, dates of birth, addresses, credit card numbers and driver's licence numbers after exploiting an "entirely preventable" flaw in Equifax's systems. 

After settling with the ICO to the tune of 500,000, the company on Monday agreed a settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB) after it was found to have failed to "implement basic security measures" nor "robust intrusion detection protections for its legacy databases."

At least $300m of the $700m mega-fine will go towards paying for identity theft services and other related expenses run up by those caught up in the data breach, a figure which could rise to $425m if required.

Those affected will also be eligible for 10 years of free credit monitoring from, er, Equifax, and the company agreed to make it easier for consumers to freeze their credit or dispute inaccurate information in credit reports.

The rest of the money will be divided between 50 US states and territories and a penalty paid to the Consumer Financial Protection Bureau.

"Equifax failed to take basic steps that may have prevented the breach," said the FTC's chairman Joe Simons.

"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."

Consumer Financial Protection Bureau Director Kathleen L. Kraninger added: "For consumers impacted by the Equifax breach, today's settlement will make available up to $425 million for time and money they spent to protect themselves from potential threats of identity theft or addressing incidents of identity theft as a result of the breach.

"We encourage consumers impacted by the breach to submit their claims in order to receive free credit monitoring or cash reimbursements." µ

Further reading

  • Security
Equifax mega-breach was 'entirely preventable', fumes US gov report
  • 11 Dec 2018
  • Security
ICO slaps Equifax with maximum £500,000 fine for 2017 mega-breach
  • 20 Sep 2018
  • Security
Equifax admits hackers stole driving licence and passport info in 2017 mega-hack
  • 08 May 2018
  • Security
Equifax hack report sheds light on firm's dysfunctional IT department
  • 17 Sep 2018
  • Tweet  
  • Facebook  
  •  
  •  
  • Send to  
  • Topics
  • Security
  • equifax
  • Security
  • data breach

INQ Latest

HackerOne coughs up £15k after its own member hacks itHacking me, hacking you...ah ha
HackerOne coughs up £15k after its own member hacks it

What can a hacker hack if a hacker hacks hackers...

  • Security
  • 05 December 2019
Pablo Escobar's brother launches a foldable phone with aim to blow past Apple
Pablo Escobar's brother launches a foldable phone with aim to blow past Apple

But we doubt people will be lining up to buy it

  • Phones
  • 05 December 2019
US charges Russian 'Evil Corp' hackers behind Dridex banking malware
US charges Russian 'Evil Corp' hackers behind Dridex banking malware

'Prolific' duo netted more than $100m in spree

  • Friction
  • 05 December 2019
Plex launches a free, ad-supported Netflix rival
Plex launches a free, ad-supported Netflix rival

But its library is lacking here in Blighty

  • Software
  • 05 December 2019
Back to Top

Most read

Apple's iPhone 12 might revive Touch ID with ultrasonic sensor
Apple's iPhone 12 might revive Touch ID with an ultrasonic sensor
Microsoft 365 set to arrive in Spring 2020 to unite the houses of Windows and Office
Microsoft 365 set to arrive in Spring 2020 to unite the houses of Windows and Office
Moto's One Hyper smartphone is an all-screen machine
Moto's One Hyper smartphone is an all-screen machine
John McAfee
John McAfee kicks off Presidential campaign with the aim of smashing the system
US rozzers might know you use a Ring doorbell
Amazon let cops see a heatmap of Ring doorbell users in their area
  • Contact
  • Marketing solutions
  • Enterprise IT Events
  • Incisive Media
  • Terms & conditions
  • Policies
  • Careers
  • Twitter
  • Newsletters
  • Facebook

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017