Equifax To Pay Up To $700 Million In Settlement Over Data Breach
Ohio will get a share of what the state attorney general calls the largest settlement ever by a company over a breach of consumer data. Equifax will pay up to $700 million to settle the class action lawsuit filed after a huge data breach two years ago.
When hackers gained access to the Equifax network in 2017, the personal data of 147 million people was exposed. Attorney General Dave Yost says the credit reporting company knew there was a critical security vulnerability in its consumer database.
“And then after the breach happened, they didn’t find out for 76 more days because they hadn’t put any monitoring software in place,” Yost said.
As part of the deal, Yost says Equifax will make changes in its security team and internal processes.
A total of 48 states will share a $175 million fund. Ohio getting at least $7 million, with $5 million going into the state’s general revenue fund.
Not all consumers will qualify for a payout, but they can get credit monitoring for a decade.