Equifax will pay $700 million to cover the 2017 breach impact

23.07.2019

Equifax is going to pay $700 million for a 2017 breach.

The company has signed a settlement to manage all the lawsuits brought due to the data breach which occurred in 2017.

The personal data of more than 146 million people was stolen – names, phones, emails, dates of birth, Social Security numbers, and driver’s license details.

A security flaw became the source of the leakage. Equifax was blamed for not providing a prompt solution regarding the flaw in Apache Struts. The patch had been created two months before the incident affected the users, and the specialists didn’t fix the issue.

The breach which could have been prevented took the regulators’ focus on the company which was made to settle all the data leak charges brought against it. 

At least $575 million are to be paid and might turn into $700 million in accordance with the Consumer Financial Protection Bureau claims – the amount will depend on the decision whether the reimbursed sum is enough to compensate the clients who were impacted.

Software and hardware audit is as crucial for maintaining a safe business workflow as configuring and conforming to security policies and regulators. A monitoring system assists specialists with tracking flaws within a corporate perimeter.