Equifax set to pay around 700 mn for 2017 data breach Report

The Equifax hacking incident prompted a public outcry and a congressional probe as well as the resignation of CEO Richard Smith and several other executives

The Equifax hacking incident prompted a public outcry and a congressional probe as well as the resignation of CEO Richard Smith and several other executives

WASHINGTON, July 20 ― United States credit agency Equifax is close to a US$700 million (RM2.87 billion) settlement agreement with authorities over the theft of sensitive personal data of almost 150 million customers, the Wall Street Journal reported. The exact amount of money Equifax will have to pay may change, depending on the number of consumer claims filed.

Equifax did not immediately respond to CNN Business' request for comment.

The Equifax data breach allowed hackers to steal the personal information of 147.7 million Americans from its servers, including Social Security numbers and home addresses.

It also said the deal included the Federal Trade Commission, Consumer Financial Protection Bureau, and at least 48 state attorney generals.

The thieves were able to access a company portal after Equifax failed to patch a security flaw that it knew about.

Funds from the settlement will go toward compensating consumers for the cost of the 2017 data breach, the Wall Street Journal and The New York Times r eported Friday, citing people close to the matter.

It has said its damages exceeded $350 million.

The scandal led to the resignation of the company CEO and to a Congressional hearing during which lawmakers grilled executives about the company's handling of consumer data and its inability to report the breach in a timely fashion.

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