A massive data breach that was “entirely preventable” will cost credit-reporting agency Equifax another $1 billion to beef up its cyber-security efforts.
Last year, Equifax agreed to pay up to $700 million in a settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and a coalition of 50 attorneys general. A multistate investigation found Equifax failed to take basic measures to secure its network that led to a September 2017 data breach that impacted approximately 147 million people. In addition, Equifax agreed to pay $300 million to a Consumer Restitution Fund that will provide affected consumers with credit-monitoring services, bringing their total (penalty plus renumeration) to close to $1 billion, depending on how many people sign up for free credit monitoring.
