Equifax allegedly near $ 700 million data breach settlement
Remember that the time Equifax had a data outbreak and leaked an incredible amount of information – addresses, social security numbers and even driver's license – of more than 143 million people alone in the United States? It was revealed almost two years ago, and tonight, the media reports that the company is in the process of entering into an agreement with federal and state agencies, including the FTC, the Consumer Financial Protection Bureau and government lawyers in general. The New York Times and Wall Street Journal reported that it could pay between $ 650 and $ 700 million, close to $ 690 million Equifax told investors it had set aside a penalty.
According to the reports, details will be announced on Monday, and the amount may vary depending on how many people are seeking claims. It is not clear how much the affected parties can expect in compensation, but the settlement also implies conditions for creating a fund for that purpose.
The Equifax breach came after hackers exploited a known bug in unpacked software that their former CEO stuck to an employee instead of failing guidelines. The computer broker has already agreed on new security policy rules in some former settlements, and it remains to be seen whether or not this will add further oversight.