Equifax Reaches Agreement With States To Improve Cybersecurity Standards

Consumer credit reporting agency Equifax agreed to a Consent Order with the New York State Department of Financial Services ("NYDFS") and seven other state banking regulators that will require the company to take corrective actions in response to the 2017 cybersecurity breach. The breach, which affected over 140 million consumers, was attributed to the company's failure to patch a known software vulnerability.

In accordance with the Consent Order, Equifax will be required to take various corrective actions, including:

• producing a written assessment of cyber threats, risks and existing preventative controls to be reviewed and approved by the Board of Directors;
• creating an effective internal audit program;