Equifax nears UD$700 million data breach settlement

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Equifax nears UD$700 million data breach settlement

Credit reporting company Equifax Inc is close to a deal to pay around US$700 million to settle data breach probes with U.S. regulators and states, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Equifax will pay the amount to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general, the Journal reported.

Equifax said it had no comment on the WSJ report.

The 2017 data breach at the company affected more than 143 million people worldwide.

The amount to be paid by the company could change depending on the number of claims eventually filed by consumers, according to the report, which added that the settlement could be announced as soon as Monday.

The settlement will require the credit reporting firm to make more changes to how it protects and handles consumer data, the WSJ said.

A fund will be established to compensate consumers for the harm that they suffered as a result of the breach, according to the settlement reported by the paper.

Few Australians were impacted by the breach, but Equifax copped an AU$3.5m fine in 2018 for misleading marketing.

(Reporting by Kanishka Singh in Bengaluru; editing by Leslie Adler and G Crosse)

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