Equifax to pay $700 million to settle nationwide complaint related to massive data breach

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In addition, Begor said the restitution fund reinforces the company’s commitment and seriousness to “putting consumers first and safeguarding their data.”

“We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement,” said Begor.

Equifax must improve its data security

On the other hand, Federal Trade Commission (FTC) Chairman Joe Simmons, commented, “Companies that profit from personal information have an extra responsibility to protect and secure that data. Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers.”

Simmons added that the settlement requires Equifax to implement actions to “improve its data security going forward.” The company must also ensure that affected consumers will receive protection from identity theft and fraud.

Meanwhile, CFPB Director Kathleen Kraninger said, “Today’s announcement is not the end of our efforts to make sure consumers’ sensitive personal information is safe and secure. The incident at Equifax underscores the evolving cyber security threats confronting both private and government computer systems and actions they must take to shield the personal information of consumers. Too much is at stake for the financial security of the American people to make these protections anything less than a top priority.”