The Equifax data breach was described as one of the largest in history, affecting over 140 million people. The breach, which occurred in 2017, left many perplexed. Two years later Equifax is set to pay those affected a sum of $700 million.
The company announced Monday that it would pay the sum to settle investigations into how it handled the data breach that affected millions of consumers. The company admitted it was warned hackers would exploit potential security vulnerability but did nothing about it.
And then the hackers had struck, causing one of the largest data losses in history. The hackers gained access to access to consumer private information, including names, dates of birth, Social Security numbers and credit card numbers, among others
Following the breach, the company had announced that 147 million consumers were affected.
In a statement released Monday, New York Attorney General Letitia James had observed: “This company’s ineptitude, negligence, and lax security standards endangered the identities of half the U.S. population.”
Equifax isn’t ducking responsibility to consumers, though, hence the announcement of the $700 million compensation fund. Equifax CEO Mark Begor said the company has the financial capacity to manage the settlement and is committed to resolving it.
Also, the company states that individuals will be able to claim up to $20,000 in compensation for any losses caused by the breach.
Aside the cash compensation, it is reported consumers are liable to receive four years or credit monitoring services from Experian.
The claims process for consumers has not been opened yet.
What are your thoughts on the breach and Equinox’s planned compensation? Drop your thoughts in the comment section below.