The purpose of the hack and what the breached data was or will be used for is still largely a mystery.Īs news of the up to $700 million settlement spread, media outlets began covering a detail involving the $125 disbursements, known as the “Alternative Reimbursement Compensation,” that dashed some hopes and dreams of an easy check from Equifax. Hackers accessed names, addresses, Social Security numbers, credit card numbers, driver's licenses, birthdays, and other private information. That takes time - at least 10 undocumented hours. If you were one of the more than 147 million affected, you should take the time to monitor your credit, double check your security with your various financial services accounts, keep up-to-date with the breach, and safeguard yourself from identity theft or fraud. I’m not telling you to make up the time spent.
They just need to describe what actions they took and how much time was spent dealing with the breach. If an individual claims no more than 10 hours, no documentation proving identity theft or fraud is necessary. When filing at the Equifax settlement website, consumers can elect to claim $25 per hour, for up to 20 hours, for time spent dealing with the fallout of the breach. If you spent hours dealing with the fallout, you should at least be asking for $375. However, if you’re only requesting $125 from Equifax, you’re not asking for enough. Alexandria Ocasio-Cortez even tweeted about it.
Equifax breach settlement free#
News spread quickly regarding the restitution, a possible $125 cash payment (or 10 years of free credit monitoring services) to the nearly 150 million affected. Read more here.īy now, you’ve likely heard about Equifax’s settlement with the FTC for its massive data breach in 2017. EDT The FTC is now officially suggesting that consumers take the free credit monitoring services because there's not enough money to go around. “The minimum cost to Equifax of the settlement is $1.38bn and could be more, depending on the cost of complying with the injunctive relief, the number and amount of valid claims filed for out-of-pocket losses and the number of class members who sign up for credit monitoring.UPDATE: July 31, 2019, 4:09 p.m. “This settlement is the largest and most comprehensive recovery in a data breach case in US history by several orders of magnitude,” wrote district judge Thomas Thrash. The total could creep up towards $10bn - a cautionary tale for organizations tempted to focus on business growth at the expense of cybersecurity and risk mitigation. That’s not to mention the $6bn in credit monitoring services already being claimed by several million class members, their $77.5m in attorney fees and further amounts in litigation expenses that Equifax will need to pay. That could amount to an extra $2bn if all 140 miilion+ customers sign up. It will also need to fund several years of credit monitoring from Experian and its own services for class members. The firm has agreed to spend at least $1bn on improving its cybersecurity posture over the coming five years.
However, that’s just a small part of the overall financial impact of the ruling.
Equifax breach settlement plus#
This week, a court in Georgia finally approved a settlement in the long-running class action case that followed the breach, which will require Equifax to pay $380.5m, plus potentially an extra $125m, to satisfy claims of out-of-pocket losses.
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Over two-fifths (44%) of the population of the US are thought to have been affected. The credit reporting giant suffered a major cyber-attack in 2017 after hackers exploited an unpatched Apache Struts vulnerability, compromising highly sensitive personal and financial information on around 148 million customers.
Equifax could end up paying as much as $9.5bn following a data breach settlement branded one of the largest in history by its presiding judge.
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