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Equifax to Pay up to $700 Million in 2017 Data Breach Settlement

Equifax to Pay up to $700 Million in 2017 Data Breach Settlement

July 23, 2019Wang Wei
Equifax, one of the three largest credit-reporting firms in the United States, has to pay up to $700 million in fines to settle a series of state and federal investigations into the massive 2017 data breach that exposed the personal and financial data of nearly 150 million Americans—that's almost half the country. According to an official announcement by the U.S. Federal Trade Commission (FTC) today, Equifax has agreed to pay at least $575 million in fines, but this penalty could rise to up to $700 million depending on the amount of compensation people claim. Up to $425 million of the fines will go to a fund that will provide credit monitoring services to affected customers and compensate anyone who bought such services from the company and paid other related expenses as a result of the breach . Rest $175 million and $100 million will go to civil penalties across 50 states and to the Consumer Financial Protection Bureau (CFPB), respectively. Besides the penalty, the co
Uber fined $1.1 million by UK and Dutch regulators over 2016 data breach

Uber fined $1.1 million by UK and Dutch regulators over 2016 data breach

November 27, 2018Mohit Kumar
British and Dutch data protection regulators Tuesday hit the ride-sharing company Uber with a total fine of $1,170,892 (~ 1.1 million) for failing to protect its customers’ personal information during a 2016 cyber attack involving millions of users. Late last year, Uber unveiled that the company had suffered a massive data breach in October 2016, exposing names, email addresses and phone numbers of 57 million Uber riders and drivers along with driving license numbers of around 600,000 drivers. Besides this, it was also reported that instead of disclosing the breach at the time, the company paid $100,000 in ransom to the two hackers with access to the stolen data in exchange for keeping the incident secret and deleting the information. Today Britain’s Information Commissioner’s Office (ICO) fined Uber 385,000 pounds ($491,102), while the Dutch Data Protection Authority (Dutch DPA) levied a 600,000 euro ($679,790) penalty on Uber for failing to protect the personal informatio
UK Regulator Fines Equifax £500,000 Over 2017 Data Breach

UK Regulator Fines Equifax £500,000 Over 2017 Data Breach

September 20, 2018Swati Khandelwal
Atlanta-based consumer credit reporting agency Equifax has been issued a £500,000 fine by the UK's privacy watchdog for its last year's massive data breach that exposed personal and financial data of hundreds of millions of its customers. Yes, £500,000—that's the maximum fine allowed by the UK's Data Protection Act 1998, though the penalty is apparently a small figure for a $16 billion company. In July this year, the UK's data protection watchdog issued the maximum allowed fine of £500,000 on Facebook over the Cambridge Analytica scandal , saying the social media giant Facebook failed to prevent its citizens' data from falling into the wrong hands. Flashback: The Equifax Data Breach 2017 Equifax suffered a massive data breach last year between mid-May and the end of July, exposing highly sensitive data of as many as 145 million people globally. The stolen information included victims' names, dates of birth, phone numbers, driver's licens
TalkTalk Telecom Ordered to Pay Record £400,000 Fine Over 2015 Data Breach

TalkTalk Telecom Ordered to Pay Record £400,000 Fine Over 2015 Data Breach

October 05, 2016Mohit Kumar
TalkTalk, one of the biggest UK-based Telecoms company with 4 million customers, has been issued with a record £400,000 ($510,000) fine for failings to implement the most basic security measures to prevent the hack that made global headlines last year. The penalty has been imposed by the Information Commissioner's Office (ICO) over the high-profile cyber attack occurred in the company last October, which allowed hackers to steal the personal data of its 156,959 customers "with ease." The ICO said on Wednesday that TalkTalk, which offers TV, phone and broadband services, could have prevented the cyber attack if the company had implemented even basic security measures to protect its customers’ data. The hacked data of 156,959 customers included full names, postal addresses, dates of birth, telephone numbers, email addresses and TalkTalk accounts information. The hacker also had even access to bank account details and sort codes in almost 16,000 cases. "When i
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