Updated: Equifax to pay a settlement of $650M to $700M

Equifax is responsible for a payout as much as $700 million in a settlement after a huge number of individual’s were exploited by Identity Theft, including Canadians — was hacked back in 2017.

The Wall Street Journal announced that the credit checking organization is getting ready to pay the cash with an end goal to settle further examinations with the Consumer Financial Protection Bureau, the Federal Trade Commission and various state lawyers general, referring to anonymous individuals who “were aware about the issue.”

The New York Times, in the interim, announced that the organization would pay a sum closer to the amount of $650 million (USD).

Equifax was hit by this noteworthy hack in 2017 that uncovered the identity data of upwards of 143 million Americans and 8,000 Canadians. According to security firms, the hackers had infiltrated the information by exploiting an issue within the application. Ultimately it was a software flaw that developers hadn’t patched.

The hackers were able to dump individuals data, for example, individual’s birthdays, driver’s permit and Social Security numbers uncovered.

As a feature of the settlement, a reserve will be set up to remunerate individuals who had encountered issues to the breach, also including a call centre and feature in their website taking care of cases.

Canada’s privacy commissioner criticized the organization for having “poor security safeguards, storing personal information too long, inadequate consent procedures, a lack of accountability for Canadian’s information and limited protection measures offered to affected individuals after the breach.”

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