COLUMBUS, Ohio (WKBN) – A settlement is reached in a massive data breach from one of the nation’s biggest credit reporting agencies.
Equifax will pay up to $700 million to settle with the Federal Trade Commission and others over a 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people.
The proposed settlement with the Consumer Financial Protection Bureau, if approved by the federal district court Northern District of Georgia, will provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief.
The announcement Monday confirms a report by The Wall Street Journal that the credit reporting agency had reached a deal with the U.S.
Of that settlement, Ohio will $7.14 million. Attorney General David Yost said it’s the largest breach in of consumer data in U.S. history.
“Today’s constant threat of cybercrime leaves no room for stewards of the public’s data to ignore security flaws,” Yost said. “Equifax knew about its vulnerability for months ahead of the breach but did nothing to plug the gap in its defenses. A swift response could have prevented this whole ordeal.”
The settlement also includes measures that aim to protect consumers’ information in the future.
Consumers will be able to obtain information about the settlement, check their eligibility to file a claim, and file a claim on the Equifax Settlement Breach online registry. To receive email updates regarding the launch of this online registry, consumers can sign up at www.ftc.gov/equifax-data-breach. Consumers can also call the settlement administrator at 1-833-759-2982 for more information.