July 26, 2019
Equifax Fined up to $700 Million for Data Breach
The Equifax data breach saga has moved forward and the credit reporting giant will have to pay up to a $700 million settlement.
The breach impacted nearly hundreds of millions of Americans in 2017. Under the newly disclosed penalties, Equifax will pay between $300 million and $425 million as compensation to consumers and an additional $275 million civil penalties and compensation. If you were affected by the breach, you may be eligible for compensation for credit monitoring or associated damages if your identity was stolen as part of the massive breach.
In addition to monetary penalties, Equifax will have to change processes around how they manage personal data including security protocol and annual assessments of security risks.
General Data Protection Regulation
Penalties for breaches like this have only increased under the General Data Protection Regulation. GDPR was enacted to give consumers more control and insight into their personal data and will require companies to ensure they are following safety procedures to collect, process, and store data.
International Data Privacy Laws
Similarly, some states and countries are passing data privacy laws and regulations to protect personal data and hold companies accountable. Recently, California passed the California Data Protection Regulation law which regulates how companies store data and will require them to disclose the types of data stored.