Credit-reporting company Equifax Inc will pay up to $700 million to settle U.S. ...
) will pay up to $700 million to settle U.S. federal and state probes into a massive 2017 data breach of personal information that affected around 147 million consumers, authorities said on Monday.
Under the settlement, the company will pay a $175 million fine to the states and $100 million to the CFPB. Regulators on Monday said Equifax broke laws protecting consumers from unfair and deceptive practices by failing to provide reasonable security for the massive quantities of sensitive personal information it stored, and by deceiving consumers about the strength of its data security program
“While I’m happy to see that customers who have been harmed as a result of Equifax’s shoddy cybersecurity practices will see some compensation, we need structural reforms and increased oversight of credit reporting agencies in order to make sure that this never happens again,” Democratic Senator Mark Warner said in a statement.
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