A maddening data breach that affected 147 million people has now resulted in a record-setting settlement.
Credit reporting agency Equifax will be forking up to $700 million as part of a self-described "resolution" to the class-action litigation that has spawned from the 2017 breach. Per a report from CNN, the proposed settlement could very well go down as the biggest ever in connection with a data breach.
"We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement while continuing our $1.25 billion EFX2020 technology and security investment program," company CEO Mark W. Begor said in a statement. "We are focused on the future of Equifax and returning to market leadership and growth."
In their own statement, the Federal Trade Commission pointed to the company's failure to "take basic steps" in protecting users' data from such security lapses, particularly given the nature of the services they offer.
"Companies that profit from personal information have an extra responsibility to protect and secure that data," FTC Chairman Joe Simons said, adding that the settlement will require Equifax to actively work toward the betterment of its data security measures with an emphasis on the prevention of identity theft and fraud.
Social security numbers and dates of birth have been confirmed as among the sensitive user info targeted in the breach. However, according to a helpful CNBC rundown on how to get what’s owed to you, such data has reportedly not been found for sale via nefarious channels.
Moving forward, the Equifax settlement must now be approved by federal district court in Georgia.
