How much is Equifax being fined for the 2017 data breach?

Answer: About $4 per person.

by / July 23, 2019

Two years after it first detected a major breach of sensitive data, Equifax has reached a settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau and 50 U.S. states and territories.

The credit monitoring company has agreed to pay a minimum of $575 million total to victims, states and regulators (or a maximum of $700 million). This includes $300 million for up to 10 years of credit monitoring, with an additional $125 million set aside for that purpose if needed.

At least 143 million people were affected by the 2017 breach — some reports put that number closer to 150 million. The hackers gained access to sensitive data including birth dates, Social Security numbers, addresses and more. Engadget reports that the $545 million settlement amounts to just over $4 per person, which won’t do much to cover anyone’s losses if their stolen data is misused.

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