![]() While costs relating to the Equifax breach are extraordinary by conventional standards, they fall short of the gargantuan $4 billion 'worst-case' figure once tied with the 2011 Epsilon breach. ![]() This is notably by settling legal action brought against the firm. The company's chief executive Mark Begor told investors in a conference call that Equifax had made progress since the 2017 breach, according to WABE. The total sum also included $82.8 million for technology and data security, $12.5 million for legal and investigative fees, and $1.5 million for product liability. Even for US-based breaches, which cost $7.91 million on average, Equifax's costs are 170 times greater.įor the first quarter of 2019 alone the company incurred $786.8 million dollars in costs, including $690 million in legal expenditure. This stands at more than 350 times the average cost relating to a data breach, according to IBM research released last year, which found that these costs normally average $3.86 million for a large breach. The Equifax Effect: Explaining the biggest security disaster of the 21st century The cyber security threat in six charts Equifax 'suffers data breach, losing 431,000 workers' details' The breach was sizeable, but deemed highly alarming due to the nature of the information stolen ranging from full names and addresses to credit card information.Įquifax has now revealed that costs relating to the incident, as well as expenditure on IT and data security, have reached $1.35 billion, excluding a raft of legal fees for lawsuits that are yet to be seen. The 2017 data breach incident saw the US-based credit rating agency expose more than 145 million people's personal records to hackers due to flaws in its systems. The greatest security catastrophe of modern times has cost Equifax more than a billion dollars to date, according to the firm's latest financial results. Sudhakar Reddy Bonthu, a former manager at the company, pleaded guilty to insider trading last year.ġ3/05/19: Incident has cost the firm $1.4 billion so far Ying is the second Equifax employee to have been found guilty of insider trading following the data breach. He then exercised his stock options to receive 6,815 shares of Equifax stock, which he then sold immediately.Įquifax hadn't publicly declared the breach until 7 September in 2017, after which point the firm's stock price fell considerably. The following week, Ying made internet searches to learn about the impact of Experian's data breach on the firm's stock price. The former company executive texted a colleague on 25 August that the breach "sounds bad" and that the company itself may have been the victim. The Consumer Financial Protection Bureau's website has additional information on free credit reports."He abused the trust placed in him and the senior position he held to profit from inside information." Your Equifax credit report will be mailed to you within 15 days. Print and complete the form, and mail the completed form to: Mail: Download the annual credit report request form (requires an Adobe viewer).You will go through an identity verification process over the phone, and your Equifax credit report will be mailed to you within 15 days. A VantageScore is one of many types of credit scores.įor you can also order credit reports by phone or mail: From your myEquifax account, you can also click "Get my free credit score" to enroll in Equifax Core Credit™ and get a free monthly Equifax credit report and a free monthly VantageScore credit score based on Equifax data.Create a myEquifax account to get six free Equifax credit reports each year. ![]()
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