Equifax to pay $700 million in breach settlement

Galtero Lara
Julio 22, 2019

Equifax Inc is reportedly nearing a Dollars 700 million settlement with the US Federal Trade Commission (FTC) over a massive data breach in 2017.

Sources familiar with the matter told The Wall Street Journal that Equifax will pay almost $700 million to the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general to resolve the matter.

Equifax in late 2017 said unauthorized activity from mid-May through July 2017 exposed users' names, Social Security numbers, birth dates, addresses and driver's license numbers.

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Equifax is about to reach an agreement with the US Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general, Sputnik news agency reported on Saturday citing a report in The Wall Street Journal.

The amount of the settlement could change depending on the number of claims still to be filed by consumers, the Journal said. The attackers were able to siphon data out of the Equifax computer systems for months while exploiting a software vulnerability that remained unpatched during the course of the hack. A House Oversight Committee report (PDF) released in December 2018 called the breach "entirely preventable", saying Equifax didn't take steps to prevent it and also wasn't ready to handle the aftermath.

The 2017 data breach at the company affected more than 143 million people worldwide.

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