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Equifax is being hit with a £500,000 fine over its massive 2017 data breach that affected 146 million people globally, the UK's Information Commissioner's Office (ICO) announced Wednesday.

Why it matters: The fine is very small compared to what Equifax would've received had the breach happened just one year later, when the U.K. implemented GDPR, the sweeping data privacy law that would've penalized Equifax up to 4% of its global annual revenue.

The U.K.'s privacy office says it's fining Equifax for failing to protect the personal information of up to 15 million UK citizens during the 2017 attack. It says the loss of personal information is particularly problematic because it undermines consumer trust in digital commerce.

"Equifax Ltd has received the highest fine possible under the 1998 legislation because of the number of victims, the type of data at risk and because it has no excuse for failing to adhere to its own policies and controls as well as the law.”
— Elizabeth Denham, Information Commissioner in a statement

The big picture: Equifax has dodged a lot of scrutiny and penalties despite experiencing one of the most pervasive data breaches of personal information to date. As Axios' Joe Uchill notes, the breach has barely changed lawmakers' thinking on Capitol Hill.

Go deeper

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

16 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.