Big Breach Leads to Bigger Compensation

What is your identity worth?

Following extensive state and federal investigations, a settlement was reached this month regarding the notorious Equifax breach.  To compensate for the millions of individuals affected by the 2017 data break, the credit reporting agency has agreed to provide $300 million worth of monitoring services to affected consumers and $175 million to settle legal disputes with 48 states.  If it is determined, however, that the $300 million amount for services is not enough, then there is a stipulation stating the amount will increase another $125 million.  Equifax must also pay a $100 million fine to the Consumer Financial Protection Bureau.  In addition, the company must update and enhance their data security, to avoid any future computer-oriented crimes from taking place.     Read more