Equifax

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.

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

This image shows a phone with the Equifax logo.
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).