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In a statement, a spokesperson for Equifax said the settlement "turns the page" on the matter, which it first disclosed in 2022, and that it will continue to invest in its data-quality capabilities.
An Equifax internal audit in 2015 showed that there was a large backlog of vulnerabilities to patch, that Equifax was not following its own timescales on patching them, that IT staff did not have a comprehensive asset inventory, that Equifax did not consider how critical an IT asset was when prioritising patches, and that the patching process worked on an 'Honour system'.
Equifax will pay up to $700M to settle with the U.S. and states over a 2017 data breach that exposed Social Security numbers and other private information.
Equifax agreed to a settlement of $575 million with the Federal Trade Commission, the CFPB, and states related to a data breach that occurred in 2017 where 147 million people were affected by their personal information being exposed. [61]
Equifax primarily operates in the business-to-business sector, selling consumer credit and insurance reports and related analytics to businesses in a range of industries. [citation needed] Business customers include retailers, insurance firms, healthcare providers, utilities, government agencies, as well as banks, credit unions, personal and specialty finance companies and other financial ...
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