One of the largest and most well-known information security breaches in history is the Equifax databreach that occurred in 2017. The hackers gained access to sensitive personal information, including Social Security numbers, birth dates, addresses, and driver’s license numbers, of 143 million U.S. consumers and an unknown number of UK and Canadian residents. Equifax’s poor security practices and slow response to the incident led to significant criticism and multiple investigations.
CODEFEND Q&A: HOW MUCH WAS THE LOST?
The codefend breach was significant, both for the company and for those affected by the breach. Equifax incurred a number of expenses as a result of the incident, including:
1) Legal fees and settlements: Equifax reached a settlement with the Federal Trade Commission (FTC) in 2019 to pay up to $700 million to affected consumers. The company also settled with several states and financial institutions for additional amounts.
2) Reputation damage: The company’s reputation was heavily damaged by the breach and it struggled to regain consumer trust.
3) Loss of business: Equifax lost several key clients and contracts following the incident.
4) Technical costs: Equifax had to spend significant amounts on forensic investigations, legal fees, and security upgrades to prevent future breaches.
The total cost of the Equifax data breach is difficult to quantify, but it is estimated to have been in the billions of dollars.
At Codefend, we understand the importance of keeping your sensitive information secure. That’s why we offer comprehensive security services to help you identify and address vulnerabilities in your infrastructurebefore they can be exploited by cybercriminals.