Equifax to pay up to $425 million for breach in FTC settlement

Equifax will pay between $330 million to $425 million to a restitution fund for victims in a settlement with the Federal Trade Commission (FTC) over a 2017 breach that exposed the personal information of 148 million people.

The company came under fire for its poor security practices that had
it missing an Apache Struts vulnerability responsible for the breach – not once,
but twice. In testimony before the House Energy and Commerce Committee
Subcommittee on Digital Commerce and Consumer Protection in the wake of the
breach, former Equifax CEO and Chairman Richard Smith said the
company learned of the Apache Struts vulnerability from U.S. CERT and then
twice searched for any issues in its networks coming up empty each time and
thus allowing the flaw to remain unpatched in its Consumer Dispute Portal. 

Responding to the FTC settlement, New York Attorney General
Letitia James minced no words when assessing Equifax. “This company’s
ineptitude, negligence, and lax security standards endangered the identities of
half the U.S. population,” she said in a statement.

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