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Nearly a billion dollar fine for Equifax

by

Frédérique De Simone

24 July 2019 09:30

Photo : Freepik

Equifax will have to pay a fine of 575 million us dollars (M US$) which could be accompanied by an additional penalty of US$ 125 MILLION, which would bring the invoice to$ 700 MILLION US, more than 900 million canadian dollars. In question ? His inability to take reasonable measures to secure its network. This failure has resulted in a flight of data in 2017.

The agreement, announced Monday, July 23, has been entered into with the Bureau of consumer financial protection (CFPB) and the Federal Trade Commission (FTC).

Canadians excluded from the agreement

About 147 million people have been affected by the data leak, including thousands, or even millions of Canadians. The agreement does not, however, concern that the American victims of the hacking and excludes the affected Canadians.

Equifax will pay the amount in a fund that will provide the relevant consumers of the services of credit monitoring and will compensate consumers who purchased services from Equifax and have paid the fees, following the vol Equifax will add $ 125 million to the fund if the initial payment is not sufficient to compensate the losses of consumers.

From January 2020, Equifax will provide to all consumers in the u.s., six credit reports free each year for seven years, in addition to the free annual credit report provided by Equifax and the two other credit reporting agencies at the national level.

“Equifax has not taken the basic steps”

“The companies that exploit personal information has the additional responsibility to protect and secure these data,” said Joe Simons, president of the FTC. “Equifax has not taken basic measures that could have prevented the offence, which affects an estimated 147 million consumers. This regulation punitive damages requires that the company take measures to improve the security of its data and guarantee that consumers are harmed by this theft to be able to receive help to protect against identity theft and fraud. “

Equifax has failed in the protection of its customers and has put in the time to respond after being alerted of suspicious traffic on its network by 2017. The thugs were able to steal 145 million numbers of social insurance and 209 000 credit card numbers with their pin number and expiration date.

Remember that Desjardins has encouraged the victims of the data theft which she has been subjected lately to bring the protection Equifax.

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