![]() In fact, Equifax did not discover that its ACIS database was unpatched until July 2017, when its security team detected suspicious traffic on its network. Even though Equifax’s security team ordered that each of the company’s vulnerable systems be patched within 48 hours after receiving the alert, Equifax did not follow up to ensure the order was carried out by the responsible employees. The FTC alleges that Equifax failed to patch its network after being alerted in March 2017 to a critical security vulnerability affecting its ACIS database, which handles inquiries from consumers about their personal credit data. ![]() We encourage consumers impacted by the breach to submit their claims in order to receive free credit monitoring or cash reimbursements,” said Consumer Financial Protection Bureau Director Kathleen L. For consumers impacted by the Equifax breach, today’s settlement will make available up to $425 million for time and money they spent to protect themselves from potential threats of identity theft or addressing incidents of identity theft as a result of the breach. Too much is at stake for the financial security of the American people to make these protections anything less than a top priority. The incident at Equifax underscores the evolving cyber security threats confronting both private and government computer systems and actions they must take to shield the personal information of consumers. ![]() “Today’s announcement is not the end of our efforts to make sure consumers’ sensitive personal information is safe and secure. This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud.” “Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers. “Companies that profit from personal information have an extra responsibility to protect and secure that data,” said FTC Chairman Joe Simons. The company also has agreed to pay $175 million to 48 states, the District of Columbia and Puerto Rico, as well as $100 million to the CFPB in civil penalties. consumers with six free credit reports each year for seven years-in addition to the one free annual credit report that Equifax and the two other nationwide credit reporting agencies currently provide. In addition, beginning in January 2020, Equifax will provide all U.S. Equifax will add up to $125 million to the fund if the initial payment is not enough to compensate consumers for their losses. The fund will also compensate consumers who bought credit or identity monitoring services from Equifax and paid other out-of-pocket expenses as a result of the 2017 data breach. In its complaint, the FTC alleges that Equifax failed to secure the massive amount of personal information stored on its network, leading to a breach that exposed millions of names and dates of birth, Social Security numbers, physical addresses, and other personal information that could lead to identity theft and fraud.Īs part of the proposed settlement, Equifax will pay $300 million to a fund that will provide affected consumers with credit monitoring services. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps to secure its network led to a data breach in 2017 that affected approximately 147 million people. ![]() ![]() has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. Participants included: FTC Chairman Joe Simons, CFPB Director Kathy Kraninger, and Maryland Attorney General Brian Frosh.Įquifax Inc. Watch archival video of the press conference. NOTE: The FTC hosted an IN-PERSON press conference at FTC Headquarters, 600 Pennsylvania Ave, NW, Washington D.C., on July 22, 2019.
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