FTC hits Equifax with fine of up to $700M for 2017 data breach

TechCrunch | 7/22/2019 | Staff
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Credit agency Equifax will pay up to $700 million in fines as part of a settlement with federal authorities over a data breach in 2017.

The Federal Trade Commission said in a statement Monday that Equifax has agreed to initially pay at least $575 million in fines as part of the settlement with the federal government and states over its “failure to take reasonable steps to secure its network” that led to the breach.

Hackers - Credit - Files - Millions - Americans

Hackers stole credit files on 147 millions Americans, but also British and Canadian nationals, including Social Security numbers, dates of birth, and thousands of payment card records in the May 2017 breach.

The company came under fire by congressional committees and security experts alike after it was found that Equifax had not properly rolled out publicly released patches on its network months prior to the data breach.

Executive - Richard - Smith - Wake - Scandal

Former chief executive Richard Smith, who retired in the wake of the scandal, blamed the lack of patching on a single employee.

A House Oversight Committee later blamed institutional failings and said the breach was “entirely preventable.”

FTC - Fine - Uber

This marks the largest fine ever issued by the FTC following the $148 million fine handed to Uber following...
(Excerpt) Read more at: TechCrunch
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