Equifax to pay at least $575M as part of FTC settlement

Equifax Consumer reporting agency company logo seen

Equifax has agreed to pay US agencies.

Igor Golovniov/SOPA Images/LightRocket via Techhnews

Equifax agreed to pay at least $575 million to the US Federal Trade Commission and other government agencies over its massive 2017 data breach. If that isn’t enough compensate people impacted by the breach, the credit reporting company could have to pay up to $700 million.

Hackers stole the personal information — including Social Security numbers and home addresses — of more than 147 million Americans from Equifax’s servers in a data breach that ran from May and July 2017.

“Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers,” FTC Chairman Joe Simon said in a release announcing the agreement.

“This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud.”

More to come.

First published at 5:02 a.m. PT.
Updated at 5:10 a.m. PT: Adds more detail.

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