Oberly explained that potential claimants or litigants seeking to seek monetary compensation as a consequence of the breach will face an uphill battle in order to establish ‘standing’ or the right to sue: YOU MIGHT ALSO LIKE India’s Personal Data Privacy Bill: What does it mean for individuals and businesses? In addition, Equifax has agreed to budget $1 billion on security improvements. ![]() In February 2020, US authorities unsealed a nine-count indictment charging four named members of the Chinese military with mounting the attack on Equifax.Įquifax has agreed to spend $1 billion on security improvements following the 2017 mega-breach Standing ordersĭavid Oberly, an attorney at US law firm Blank Rome and an expert in cybersecurity and privacy law, told The Daily Swig that the agreement with Equifax goes “above and beyond the standard settlement terms that are ordinarily seen in connection with the resolution of data breach disputes”.įor one thing, 10 years of free credit monitoring is being offered to impacted consumers rather than the standard three. US authorities believe the data was not stolen in profit-motivated cybercrime. This may come as a bit of a surprise to consumers who throughout 2019 were invited to take part in class action lawsuits over the breach through emails inviting them to “claim benefits in the Equifax data breach settlement”, or similar.įROM THE ARCHIVES Equifax a year on: Little has changed – at least for the billion-dollar companyĭespite early fears, data from the breach has yet to surface on dark web cybercrime forums. ![]() ![]() There will be no ‘pro rata’ payment to all those many millions affected by the massive breach.
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