Equifax to pay $ 700 million for data breach, report says

Equifax is about to reach a $ 700 million settlement with the US Federal Trade Commission and other government agencies for its mbadive data breach in 2017. That money would also go to resolving the problem. clbad action litigation against the company by the consumer, reported the Wall Street Journal. Friday afternoon.

The Equifax data breach allowed hackers to steal 147.7 million personal information from Americans to its servers, including their social security numbers and personal addresses. A report of the House Oversight Committee (PDF) published in December 2018 described the violation as "entirely avoidable", declaring Equifax has not taken any steps to prevent it and was not ready to handle the consequences.

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More stringent data privacy laws may soon be adopted

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The settlement could be announced Monday, the newspaper added, adding that this money could also be used to create a consumer compensation fund for damage caused by the data breach.

Equifax declined to comment, while the FTC did not immediately respond to a request for comment.