Security News
On January 13, 2020, a federal court approved the proposed settlement for the class action suit filed against Equifax over the massive data breach it disclosed in September 2017. As announced in July 2019, impacted individuals have until January 22, 2020, to submit claims for the free credit monitoring services or the alternative reimbursement compensation offered in the settlement, to receive reimbursement for Equifax services, or to receive reimbursement for out-of-pocket losses and/or time spent dealing with the data breach.
The $380.5 million will be placed into a fund for consumers affected who are part of the class outlined in the lawsuit. It should also be noted that of the 147 million affected by the data breach, approximately 15 million are part of the class action lawsuit.
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.
A Change.org petition is demanding stronger accountability for Equifax in the 2017 leak that affected 150 million customers.
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