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Equifax Settlement Close

Leslie Whitten

Unless you were hiding under a rock about two years ago, you likely know that Equifax suffered a major security breach that compromised the personally identifiable information of nearly 150,000,000 US citizens.  This is nearly half of the US population.  Well, apparently Equifax is about to pay up to $700,000,000 in penalties for not fixing the known flaw in their system before hackers attacked.  Exactly how much Equifax has to pay will depend on how many people file claims.  Comparing the number of people effected versus the amount of the settlement, it seems unlikely that the average person will see much money at all here.  So, this is clearly more of a punishment for Equifax than anything else.  It also sends a clear message to companies with personally identifiable information to do a better job of securing that information.  Don’t let this happen to you or your clients!  This situation was preventable. 

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