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Equifax is still paying for its data breach: $1.4 billion and counting

Equifax is still paying for its data breach: $1.4 billion and counting (Incident Response, Learnings)

In September 2017, the credit score company Equifax announced that it had become the victim of one of the largest data breaches of all times. Although it wasn’t the largest – that dubious honor goes to Yahoo, which lost details of around 3 billion accounts in 2013 – the Equifax data breach saw the data of around 145 million US consumers exposed, along with those of millions of people from other countries. It also exposed the company’s poor IT practices, since basic measures such as patching vulnerable systems could have prevented this breach. In the first quarter of this year, they also had $786.8 million in general costs related to the breach, including $82 million in technology and data security costs, $12.5 million in legal fees and $1.5 million in product liability. What’s more, this patch was available two months before the data breach. No company wants to become famous for a security breach.

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