As reported on Fox Business Equifax has reached a proposed settlement with the Federal Trade Commission that could cost the company up to $700 million for their 2017 data breach. That breach, large by any standards, revealed the personal information of 147 million individuals (roughly half the US population), including social security numbers and has been and will likely be an ongoing catalyst for identity theft.
What Equifax is Offering?
As reported so far, the terms of the Equifax deal are as follows:
- Up to $20,000 for out-of-pocket costs incurred as a result of the breach. While you will not have to prove that your identity theft was a direct result of the Equifax breach, you will have to show that your particular situation could have arisen from the data stolen from Equifax.
- $25/hour for time spent addressing the breach. You may be eligible for up to 20 hours of personal time wasted dealing with the fallout of which 10 hours can simply be “self-certified” and will not require significant documentation.
- Ten years of free credit monitoring or a $125 cash payment. The monitoring will be done by a 3rd party and will include credit reports from the top 3 agencies, Equifax, Experian and TransUnion for the first 4 years as well as $1 million in identity theft insurance. Rather have the cash? You can get $125 and six free credit reports for 7 years instead.
How Will I Know What to do?
Equifax plans on emailing all affected parties 4 times, running social media and digital outreach campaigns, radio ads and print ads. You can also visit www.equifaxbreachsettlement.com or call them at 1-833-759-2982.
How Secure is Your Data?
At Konsultek our job is to keep our customers out of the news by preventing hacks and breaches. Our custom security solutions use a combination of technologies to prevent, detect and quarantine intrusions before they can cause damage. If you are unclear as to whether or not your security is up to the challenges of today’s hackers, we can help you find out.
Our team of experts is happy to provide an outside, independent and unbiased analysis of your network’s security. Simply give us a call or click here: https://konsultek.com/executive-risk-assessment/.
You’ll receive a complimentary Executive Risk Assessment. This assessment will not only show you the risk and impact to your most critical digital assets but demonstrate the likelihood of a breach happening.