The Federal Trade Commission ("FTC"), the Consumer
Financial Protection Bureau, and 50 U.S. states and territories,
have reached a global settlement agreement with Equifax Inc.
("Equifax"), according to which, Equifax agreed to pay at
least $575 million, and potentially up to $700 million, in
connection with Equifax's massive 2017 data breach that
affected 147 million people.
FTC Chairman Joe Simons provided the following statement: "Companies that
profit from personal information have an extra responsibility to
protect and secure that data," Chairman Simons went on to say,
"Equifax failed to take basic steps that may have prevented
the breach that affected approximately 147 million consumers. This
settlement requires that the company take steps to improve its data
security going forward, and will ensure that consumers harmed by
this breach can receive help protecting themselves from identity
theft and fraud."
