Welcome to WebmasterWorld Guest from 35.172.195.49

Forum Moderators: open

Equifax 2017 Data Breach: Part Settlement $575 Million

     
1:43 pm on Jul 22, 2019 (gmt 0)

Administrator from GB 

WebmasterWorld Administrator engine is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:May 9, 2000
posts:26468
votes: 1078


Back in 2017 there was a significant data breach at Equifax, which affected around 147 million people, primarily in the U.S.

Equifax has agreed to pay and initial $575 million with a set-aside for up to $700 million, with the F.T.C. over the breach and the impact to consumers over the coming years.
SEC Filings Show Extent of Equifax Data Breach: 146 Million [webmasterworld.com]

The main issue with this breach is the amount of sensitive information, such as names and date of birth: All perfect for identity theft.

[ftc.gov...]
12:52 am on July 23, 2019 (gmt 0)

Administrator

WebmasterWorld Administrator phranque is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Aug 10, 2004
posts:11874
votes: 245


so almost half a sawbuck per person...
6:07 am on July 23, 2019 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member tangor is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Nov 29, 2005
posts:10586
votes: 1125


The set aside is not a direct payment to those affected. The details are rather obnoxious. And, unless I misread the ruling, there's no protection/funding for those who are hit by identity theft.

Equifax got off pretty light, the scammers hit a gold mine, and the users, as usual, get the short end of the stick.
6:45 pm on July 24, 2019 (gmt 0)

Senior Member

WebmasterWorld Senior Member 10+ Year Member Top Contributors Of The Month

joined:June 20, 2006
posts:2179
votes: 94


Excluding the conditional set-aside...
Those 147 million people, for $575 million, had their privacy sold by the FTC for $3.91 each.

We should be able to release every FTC employee and commissioners complete Equifax records, to SPAMMERS, and send them each a check for $3.91, you know, to be fair.