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Equifax Announces Comprehensive Consumer Settlement for the 2017 Data Breach

Equifax has announced a comprehensive resolution for its 2017 cybersecurity incident that includes a sum of up to $425 consumer fund. The settlement is reported as the most substantial amount ever paid by a company concerning a data breach according to a New York Times story. In its press release on Monday, Equifax said: "Equifax has agreed to continue the significant steps it has taken in the wake of the cybersecurity incident to enhance its information security and technology program. It also has agreed to make payments totaling $290.5 million directly to certain state and federal regulatory agencies and to pay attorneys' fees and costs in the multi-district litigation." Given the massive size of the breach, Harold Feld, Senior Vice President of Public Knowledge, says the monetary settlement is modest, and he blames the United States' weak federal and state privacy laws for the two-year-long duration it took to reach this settlement.

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