Equifax Agrees To New Data Security Measures In Consent Order With Eight State Regulatory Agencies

On September 7, 2017, the consumer reporting agency Equifax announced one of the most highly publicized cybersecurity incidents in history, which may have exposed more than 143 million Americans' personally identifiable information (PII). Equifax claimed that malicious actors gained unauthorized access to certain files containing consumers' PII, including Social Security numbers and payment card information, between May and July of 2017. In addition to a slew of class action lawsuits, Equifax faces investigations by the Federal Trade Commission and several state regulators.

Equifax recently turned the page with a number of the state regulators examining the company in connection with the 2017 data security incident. Equifax's board of directors entered into a voluntary Consent Order with eight state banking and consumer protection agencies, effective on June 25, 2018. The Order obligates Equifax to implement and adhere to a number of data security enhancement