Equifax to pay up to $700 million over 2017 data breach, compensate consumers via ReutersTV
) will pay up to $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.
Roughly 147 million people had personal information, including Social Security numbers and driver’s license data, compromised by the breach, one of the largest in history. The hackers have never been identified. “It’s a parking ticket, not a penalty,” said Ed Mierzwinski, a senior director at Washington-based U.S. Public Interest Research Group in an email, who added that consumers should not have to jump through hoops to receive compensation.
FILE PHOTO: Credit cards, a chain and an open padlock is seen in front of displayed Equifax logo in this illustration taken September 8, 2017. REUTERS/Dado Ruvic/Illutration The scandal sent the company into turmoil, leading to the exit of its then-chief executive, Richard Smith, and multiple congressional hearings as the company’s slowness to disclose the breach and security practices were challenged by lawmakers.
FILE PHOTO: Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell
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