User:Mpola017/Equifax

Security Failings
According to Hon. Michael Crapo, Chairman of the Committee, "Cybersecurity is one of the most pressing issues facing companies, as well as consumers and Governments alike, and is one of the biggest threats to our financial system. The amount of data that the private industry and Government collect and store is very concerning. There is intrinsic vulnerability in collecting and storing personal financial information, and we need to have a meaningful discussion on how to protect and limit access to it."

Equifax Data Breach Settlement
A massive problem requires a global solution. In January 2020, Equifax agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories. For those that were affected by the data breach, there were suggestions to file claims against it. The settlement includes up to $425 million to help people affected by the data breach. Equifax ultimately reached a settlement with regulators for up to $700 million.