Credit-reporting company Equifax Inc will pay up to US$700 million to settle U.S. federal and state probes into a massive 2017 data breach of ...
WASHINGTON: Credit-reporting company Equifax Inc will pay up to US$700 million to settle claims it broke the law with a massive 2017 data breach and to repay harmed consumers, in a landmark settlement that could spur new consumer data rules.
While Equifax said on Monday it saw no evidence the stolen information had been used in identity thefts, regulators said the company did not do enough to protect the data and misled consumers as to how secure it was. They ordered Equifax to set aside funds to repay consumers who spent time or money protecting themselves as a result of the breach.
"One huge concern is the long-term consequences of the Equifax breach. The settlement provides some compensation right now, but the risk of identity theft is forever," said Chi Chi Wu, attorney for the National Consumer Law Centre. A spokeswoman for the Massachusetts attorney general, who along with Indiana, is not participating in the settlement, said its litigation against the company was ongoing."Equifax must pay a penalty commensurate with the worst data breach in American history," she added.Equifax disclosed in 2017 that a data breach had compromised the personal information, including Social Security numbers, of 147 million people.
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