Equifax reportedly close to $700 million data breach settlement

Remember that point Equifax had a data breach and leaked an unimaginable quantity of knowledge — addresses, social safety numbers and even driver’s licenses — on greater than 143 million folks within the US alone? That was revealed practically two years in the past, and tonight media stories counsel the corporate is closing in on a settlement with federal and state companies together with the FTC, Consumer Financial Protection Bureau and state attorneys basic. The New York Times and Wall Street Journal reported it might pay between $650 and $700 million, close to the $690 million determine Equifax instructed buyers it had put aside for a penalty.

According to the stories, particulars shall be introduced on Monday, and the quantity might fluctuate relying on how many individuals file claims. It’s not clear how a lot these affected might anticipate in compensation, however the settlement supposedly consists of phrases to create a fund for that function.

The Equifax breach got here after hackers exploited a recognized flaw in unpatched software program that its former CEO pinned on one employee as an alternative of flawed insurance policies. The data dealer already agreed to new guidelines on safety insurance policies in some earlier settlements, and it stays to be seen if or how this may add extra oversight.

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