Equifax to pay $700 million for its 2017 data breach

Equifax, a consumer credit reporting agency agreed to pay up to $700 million as part of a settlement with regards to its 2017 data breach.

Recently, The Federal Trade Commission published a statement addressing the Equifax data breach settlement. This statement is titled as Summary of Benefits, addresses how the settlement directly affects consumers. The settlement benefits can only be received by consumers who file a claim once the claims process has begun. As of now, the claim process has not yet begun and consumers cannot currently file a claim

This consumer credit reporting agency’s settlement is regarded as the largest-ever settlement for a data breach till date. This effectively ends the investigations into the company by nearly all state attorneys general, Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC).

According to Joe Simons, FTC Chairman, “Equifax failed to take basic steps that may have prevented the breach that affected nearly 147 million consumers. This settlement requires that the company take steps to improve its data security going forward and will ensure consumers harmed by this breach can receive help protecting themselves from fraud and identity.”