Among the largest and most well-known information security breaches ever could be the Equifax data breach that occurred in 2017. The hackers gained use of sensitive personal information, including Social Security numbers, birth dates, addresses, and driver's license numbers, of 143 million U.S. consumers and a not known amount of UK and Canadian residents. Equifax's poor security practices and slow response to the incident generated significant criticism and multiple investigations.
CODEFEND Q&A: HOW MUCH WAS THE LOST?
The price of the Equifax data breach was significant, both for the business and for anyone affected by the breach. Equifax incurred numerous expenses consequently of the incident, including:
1) Legal fees and settlements: Equifax reached a settlement with the Federal Trade Commission (FTC) in 2019 to pay for around $700 million to affected consumers. The organization 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 in business: Equifax lost several key clients and contracts following a incident.
4) Technical costs: Equifax had to spend significant amounts on forensic investigations, legal fees, and security upgrades to stop future breaches.
The full 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 keepin constantly your sensitive information secure. That's why we offer comprehensive security services to assist you identify and address vulnerabilities in your infrastructure before they could be exploited by cybercriminals.
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