Equifax to pay $700m over data breach

The credit score agency Equifax are to pay $700m over a data breach in 2017 as part of a settlement.

The credit score agency had failed to tale reasonable steps to secure their network, according to the US Federal Trade Commission (FTC).

$300m will go to paying for identity theft services and other expenses the victims incurred. At least 147m people were exposed by the Atlanta based firm.

However, if required the sum will rise to $425m to cover consumer losses, if required.

The chairman of the FTC, Joe Simons said, “Equifax failed to take basic steps that may have prevented the breach.

“This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud.”