Equifax to pay $700 million in breach settlement

Darnell Taylor
July 22, 2019

WASHINGTON, July 20 ― U.S. credit agency Equifax is close to a US$700 million (RM2.87 billion) settlement agreement with authorities over the theft of sensitive personal data of almost 150 million customers, the Wall Street Journal reported.

The deal could be announced as soon as Monday, the paper reported yesterday, citing anonymous sources.

The Journal's sources say the deal would end investigations by the Federal Trade Commission, Consumer Financial Protection Bureau, and several state attorney generals. The amount to be paid by the company will depend on the number of claims filed by the consumers.

The Wall Street Journal has reported that the settlement money would also resolve a nationwide consumer class-action lawsuit against Equifax.

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Facepalm: Hackers were able to exploit an unpatched security flaw in Equifax's systems and thanks to a malfunctioning scanning tool, they were able to avoid detection for months.

Equifax did not report the breach for a period of six weeks after it was initially detected.

The 2017 data breach at the company affected more than 143 million people worldwide. The breach - one of the most severe in US history - included sensitive information, such as Social Security and driver's license numbers and prompted swift condemnation from bipartisan lawmakers, agencies and consumers.

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