Security News > 2020 > January > Equifax Settles Mega-Breach Lawsuit for $1.38 Billion

Still, Chief Judge Thomas W. Thrash Jr. writes that "This settlement is the largest and most comprehensive recovery in a data breach case in U.S. history by several orders of magnitude." The minimum cost to Equifax will be $1.38 billion, which includes $1 billion in security upgrades, Thrash writes.

"This settlement is the largest and most comprehensive recovery in a data breach case in U.S. history by several orders of magnitude."-Chief Judge Thomas W. Thrash Jr. Equifax failed to catch such a large exfiltration of data because a security certificate on a traffic monitoring device had expired, the report says.

The breach was immediately detected on July 29, 2017, when Equifax updated the security certificate.

The settlement fund now negotiated as a result of the class action lawsuit against Equifax totals $380.5 million, which covers attorneys' fees, administration and class benefits.

All consumers are eligible for four years of credit monitoring provided by three credit bureaus, including Equifax, as well as six years of credit monitoring and identity protection services through Equifax.

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https://www.inforisktoday.com/equifax-settles-mega-breach-lawsuit-for-138-billion-a-13608