Jul 20, 2019

Report: Equifax expected to reach $650M settlement over data breach

The Equifax logo. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Equifax, one of the largest credit reporting agencies in the U.S., is expected to pay around $650 million over its 2017 data breach that affected 145 million people, the New York Times reports.

The big picture: The stolen data has yet to show up on the so-called dark web, which has added to suspicions that a nation-state may have been behind the attack. Equifax was already hit with a £500,000 fine from its data breach last year, from the UK's Information Commissioner's Office (ICO).

Reality check, per the NYT: "A $650 million payment would be in line with what the company expected. In a recent financial filing, Equifax said it had set aside $690 million to cover the anticipated legal costs of the hacking."

Go deeper: After Equifax's mega-breach, nothing changed

Go deeper

Unpacking the Equifax settlement

Illustration: Aïda Amer/Axios

After Equifax agreed this week to a landmark settlement with state and federal regulators for its historic 2017 data breach, regulators are hoping that its penalties — which will cost Equifax up to $700 million — are big enough to deter the next firm from allowing the next breach.

Why it matters: There has never before been a breach like Equifax, where enough personal data was pilfered to steal the identity of the majority of U.S. adults. It's a milestone that consumers and regulators alike hope will only happen the once.

Go deeperArrowJul 25, 2019

Equifax agrees to data breach settlement worth up to $700 million

Equifax, one of the largest credit reporting agencies in the U.S., agreed to a settlement with the Federal Trade Commission on Monday worth up to $700 million — with $425 million going directly to 150 million affected consumers — for its 2017 data breach, per AP.

Our thought bubble, via Axios' Joe Uchill: $700 million is no small payment for any company, but it does break out to less than $5 for each affected consumer. It's worth noting that had this breach taken place under the jurisdiction of current European laws, the fine could have been 2–4% of Equifax's revenue — between 10–20 times larger.

Go deeperArrowJul 22, 2019

How to file a claim over Equifax's data breach

Illustration: Sarah Grillo/Axios

If you're one of the 147 million-plus people who had their data exposed by Equifax's massive 2017 data breach, you can file a claim for cash or free credit monitoring, courtesy of Equifax's recent settlement with the Federal Trade Commission.

Details: If you lost up to $500 from the Equifax breach, filing for a "time spent" cash payment requires the least amount of paperwork and supporting documents. The deadline for all claims is January 22, per the FTC, and benefits will not be sent until January 23 at the earliest.

Go deeperArrowJul 25, 2019