Equifax to pay at least $600M to settle data breach complaints

BY GREG BLUESTEIN ATLANTA JOURNAL- CONSTITUTION/TNS The Atlanta-based credit reporting agency Equifax will pay at least $600 million to settle litigation over a 2017 data breach that exposed the personal details of nearly 150 million people, said Georgia Attorney General Chris Carr.  Most of the settlement announced Monday would go toward a $425 million restitution fund to repay consumers for costs linked to the breach. Another $175 million payment will go to state authorities.  Carr’s office said it was the largest ever data breach enforcement action, and listed a series of steps Equifax agreed to take to toughen up its data. Still, it’s less than other recent corporate penalties, including the record $1 billion fine that Wells Fargo agreed to pay.  Company shakeup  The breach, one of the largest of its kind, exposed the Social Security numbers and driver’s license data of roughly 148 million people. The company didn’t discover it for 76 days and it was not revealed to the public until September 2017.  Those revelations set off a political outcry that led to the departure of several top company officials, including chief executive officer Richard Smith, who was also grilled in a Congressional hearing.  Several other Equifax executives… Read full this story

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