Equifax 2017 Data Breach: Part Settlement $575 Million

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Equifax 2017 Data Breach: Part Settlement $575 Million

engine

1:43 pm on Jul 22, 2019 (gmt 0)

Back in 2017 there was a significant data breach at Equifax, which affected around 147 million people, primarily in the U.S.

Equifax has agreed to pay and initial $575 million with a set-aside for up to $700 million, with the F.T.C. over the breach and the impact to consumers over the coming years.
SEC Filings Show Extent of Equifax Data Breach: 146 Million [webmasterworld.com]

The main issue with this breach is the amount of sensitive information, such as names and date of birth: All perfect for identity theft.

[ftc.gov...]

phranque

12:52 am on Jul 23, 2019 (gmt 0)

so almost half a sawbuck per person...

tangor

6:07 am on Jul 23, 2019 (gmt 0)

The set aside is not a direct payment to those affected. The details are rather obnoxious. And, unless I misread the ruling, there's no protection/funding for those who are hit by identity theft.

Equifax got off pretty light, the scammers hit a gold mine, and the users, as usual, get the short end of the stick.

RhinoFish

6:45 pm on Jul 24, 2019 (gmt 0)

Excluding the conditional set-aside...
Those 147 million people, for $575 million, had their privacy sold by the FTC for $3.91 each.

We should be able to release every FTC employee and commissioners complete Equifax records, to SPAMMERS, and send them each a check for $3.91, you know, to be fair.