Equifax To Pay a $700 Million Settlement After a 2017 Consumer Data Breach
Ohio will get a share of what the state attorney general called the largest settlement ever by a company over a breach of consumer data. Equifax will pay up to $700 million to settle the class action lawsuit filed after a huge data breach two years ago.
When hackers got into the Equifax network in 2017, the personal data of 147 million people was exposed. Attorney General Dave Yost said the credit reporting company knew there was a critical security vulnerability in its consumer database.
“And then after the breach happened, they didn’t find out for 76 more days because they hadn’t put any monitoring software in place,” he said.
As part of the deal, Yost said Equifax will make changes in its security team and internal processes.
Forty-eight states will share a $175 million fund. Ohio will get at least $7 million, with $5 million for the state’s general revenue fund.
Not all consumers will qualify for a payout, but they can get credit monitoring for a decade.