2017 Data Breach Will Cost Equifax at Least $1.38 Billion
Equifax has agreed to set aside a minimum of $380.5 million for breach compensation and promises to spend another $1 billion on elevating its information security over the next five years. Customers affected by the breach, almost 147 million US consumers, have one week from today to file a claim.
The company’s disastrous data breach happened in 2017 when a web application security flaw cost the company over $1.38 billion. The US District Court for the Northern District of Georgia granted approval of the settlement on Monday. The money from the $380.5 million fund will be utilized for credit monitoring services.