Equifax Paying Settlement around $700 Million after Massive Data Breach

Almost two years ago, Equifax suffered a massive data breach which exposed a significant amount of sensitive data of over 143 million Americans, the compromised information included that of driving licenses, social security numbers, and addresses of the victims. 

It has been uncovered by The Wall Street Journal and The New York Times that the consumer credit reporting agency is closing in on a settlement with FTC, state attorneys general, Consumer Financial Protection Bureau along with state and federal agencies. Equifax could settle up with $650 to $700 million, out of which it has put aside $690 million for the purpose of penalty. 

As per the media findings, the amount is expected to differ on the basis of the number of people filing claims and the details of the same will be released on Monday.

Notably, the settlement entails terms to devise a separate fund for the purpose of settlement, however, the amount victim's could expect in compensation is still a matter of question.

Commenting on the matter, Equifax CEO, Richard Smith, said, “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward,” as he decided to retire in the wake of the cyberattack.