Equifax, regulators close to signing $700m deal to settle data breach lawsuits

Equifax, regulators close to signing $700m deal to settle data breach lawsuits 1

Equifax is close to reaching a settlement to lay to rest lawsuits brought forward by the US Federal Trade Commission (FTC), state attorneys, and a class-action case relating to the firm’s 2017 data breach. 

The security incident was caused by a failure to resolve a known security flaw in Apache Struts, despite a patch being made available two months prior to the breach. 

This permitted a hacker to access the credit monitoring company’s systems, leading to the theft of records belonging to over 146 million users. 

Names, dates of birth, Social Security numbers, phone numbers, email addresses, and driver’s license details were among the data sets stolen. 

Such a severe — and preventable — lapse in security prompted regulators and impacted individuals to take Equifax to task through the legal system. However, according to The Wall Street Journal, a settlement is now on the books and could be revealed as soon as Monday. 

See also: Google bought my friend’s face for $5

Under the terms of the deal, Equifax will reportedly pay approximately $700 million in damages. The settlement will resolve claims made by the FTC, the Consumer Financial Protection Bureau, a number of state attorneys, as well as a consumer-focused class-action lawsuit. 

However, this figure is not set in stone and may change depending on whether or not additional consumer-focused claims are filed — and this will be made possible with the creation of a consumer claim fund, website, and hotline for victims. 

TechRepublic: How to reverse the cybersecurity staffing shortage: 5 tips

Equifax is yet to fully recover from the data breach. The firm’s chief executive, Richard Smith, stepped down; hundreds of millions of dollars have been spent on shoring up security and securing cybersecurity insurance; Equifax’s ratings outlook has suffered; sales have stagnated, and former employees who profited on the data breach have chipped away at the company’s already-battered reputation. 

CNET: Google Home can whip you into shape physically and mentally

Equifax is not the only credit monitoring service to suffer an extensive data breach. In 2015, Experian disclosed a data breach which led to the compromise of information — including Social Security numbers — belonging to 15 million consumers. 

ZDNet has reached out to Equifax and will update if we hear back. 

Previous and related coverage


Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0


Equifax, regulators close to signing $700m deal to settle data breach lawsuits 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 44,884.00
ethereum
Ethereum (ETH) $ 3,156.68
cardano
Cardano (ADA) $ 2.27
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 383.46
xrp
XRP (XRP) $ 1.00
solana
Solana (SOL) $ 149.83
polkadot
Polkadot (DOT) $ 32.85
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.223844
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 44,884.00
ethereumEthereum (ETH)
$ 3,156.68
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 552.13
litecoinLitecoin (LTC)
$ 164.20
bitcoinBitcoin (BTC)
38.272,45
ethereumEthereum (ETH)
2.691,69
tetherTether (USDT)
0,852697
bitcoin-cashBitcoin Cash (BCH)
470,80
litecoinLitecoin (LTC)
140,01
bitcoinBitcoin (BTC)
32,905.58
ethereumEthereum (ETH)
2,314.24
tetherTether (USDT)
0.733125
bitcoin-cashBitcoin Cash (BCH)
404.78
litecoinLitecoin (LTC)
120.38

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin44,669 0.76 % 2.78 % 7.30 %
Ethereum3,135.8 1.16 % 3.84 % 12.80 %
Cardano2.260 0.92 % 1.21 % 9.60 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin382.16 0.59 % 1.19 % 11.11 %
XRP0.9956 0.69 % 1.18 % 11.02 %
Solana148.69 0.68 % 1.00 % 6.25 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.39 % 0.18 % 0.00 %
Dogecoin0.2227 0.93 % 0.66 % 9.98 %

bitcoin
Bitcoin (BTC) $ 44,884.00
ethereum
Ethereum (ETH) $ 3,156.68
cardano
Cardano (ADA) $ 2.27
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 383.46
xrp
XRP (XRP) $ 1.00
solana
Solana (SOL) $ 149.83
polkadot
Polkadot (DOT) $ 32.85
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.223844