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Equifax to pay $575M for data breach, promises to protect data next time

Equifax to pay $575M for data breach, promises to protect data next time

5 years ago
Anonymous $9jpehmcKty

https://arstechnica.com/tech-policy/2019/07/equifax-to-pay-575m-for-data-breach-promises-to-protect-data-next-time/

Equifax, the Federal Trade Commission, and other state and federal regulators have agreed on what Equifax owes in penalties, nearly two years after the company's massive breach of sensitive consumer information became public.

The company will pay at least $575 million, according to the terms of a settlement the FTC announced today. At least $300 million goes into a fund to pay for credit monitoring services for "affected customers," which includes more than 40% of the entire US population. That fund can get boosted by another $125 million if the initial $300 million isn't enough to compensate all consumers who make claims.