Equifax Has Spent Nearly $1.4bn on Breach Costs

    Date14 May 2019
    CategoryHacks/Cracks
    1862
    Posted ByBrittany Day

    Equifax has incurred losses so far of over $1.35bn from a devastating 2017 breach which affected more than half of all Americans and millions of UK consumers, the firm revealed in its latest financials.

    The credit agency claimed in its Q1 2019 earnings statement that the figure “related to the incident, incremental technology and data security costs, and an accrual for losses associated with legal proceedings and investigations.”

    The firm has recouped the maximum possible $125m, minus $7.5m, from an insurance policy, and claims that breach costs for the rest of this year will be less than those for 2018.

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