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ARTICLE · 25 JULY 2019

Equifax fined for data breach – is this old news?

Holding Redlich
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It is clear from the enormity of these Equifax cases that attention to data security is an investment well worth making.

AustraliaPrivacy
Lyn Nicholson
Lyn Nicholson
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This is a new fine and it is not old news and in fact, this article is the sixth article we have written on various implications of the original September 2017 Equifax data breach.

We do not expect that this will be the last we write about it either.

The continued scrutiny of the breach by regulatory authorities around the world is indicative of the risks that any data breach poses to organisations with a global presence.

This week, 22 July 2019, the US Federal Trade Commission (FTC) announced a settlement with credit reporting agency Equifax regarding their September 2017 data breach.

The amount of this settlement is in the range of US$575 million and potentially up to US$700 million. The settlement will be paid in part to the FTC, Consumer Financial Protection Bureau and 50 states and territories and relief will be paid to US citizens who were affected by the breach. Initial reports were that this concerned at least 147 million individuals.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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