Current print subscribers can create a free account by clicking here
Otherwise, follow the link below to join.
To Our Valued Readers –
Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.
For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.
Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.
Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.
Arizona Attorney General Mark Brnovich announced Monday that a coalition of 50 attorneys general reached a $600 million settlement with Equifax after an investigation into a massive 2017 data breach.
Authorities said Equifax’s failure to maintain a reasonable security system enabled hackers to penetrate its systems, exposing the data of 56% of American adults — the largest-ever breach of consumer data, a release states.
The settlement with Equifax that includes a Consumer Restitution Fund of up to $425 million, a $175 million payment to the states, and injunctive relief, which also includes a significant financial commitment. This is the largest data breach enforcement action in history.
“Nearly 3 million Arizonans had their personal information stolen in the Equifax breach, most of whom did not choose to have Equifax compile sensitive personal information about them and sell it to potential credit grantors and other third parties in the first place,” Mr. Brnovich stated. “Equifax failed to take reasonable steps to protect consumers’ sensitive information, and as a result, nearly 150 million Americans face a real danger that someone may use their sensitive personal information to commit identity theft or financial fraud.”
In September 2017, Equifax, one of the largest consumer reporting agencies in the world, announced a data breach affecting more than 147 million consumers — nearly half of the U.S. population. Of that number, about 2.9 million are Arizona residents. Breached information included Social Security numbers, names, dates of birth, addresses, credit card numbers, and in some cases, driver’s license numbers.
Shortly after, a coalition that grew to 50 Attorneys General launched a multi-state investigation into the breach. The investigation found the breach occurred because Equifax failed to implement an adequate security program to protect consumers’ highly sensitive personal information. Despite knowing about a critical vulnerability in its software, Equifax failed to fully patch its systems. Moreover, Equifax failed to replace software that monitored the breached network for suspicious activity. As a result, the attackers penetrated Equifax’s system and went unnoticed for 76 days.
Under the terms of the settlement, Equifax agreed to provide a single Consumer Restitution Fund of up to $425 million — with $300 million dedicated to consumer redress. If the $300 million is exhausted, the Fund can increase by up to an additional $125 million. The company will also offer affected consumers extended credit-monitoring services for a total of 10 years.
Additionally, Equifax has agreed to take several steps to assist consumers who are either facing identity theft issues or who have already had their identities stolen including, but not limited to, terms:
• making it easier for consumers to freeze and thaw their credit;
• making it easier for consumers to dispute inaccurate information in credit reports; and
• requiring Equifax to maintain sufficient staff dedicated to assisting consumers who may be victims of identity theft.
Moving forward, Equifax will strengthen its security practices, including:
• reorganizing its data security team;
• minimizing its collection of sensitive data and the use of consumers’ Social Security numbers;
• performing regular security monitoring, logging and testing;
• employing improved access control and account management tools;
• reorganizing and segmenting its network; and
• reorganizing its patch management team and employing new policies regarding the identification and deployment of critical security updates and patches.
Equifax also agreed to pay the states a total of $175 million, which includes $3,530,601.55 for Arizona.
Consumers who are eligible for redress will be required to submit claims online or by mail. Paper claims forms can also be requested over the phone. Consumers will be able to obtain information about the settlement, check their eligibility to file a claim, and file a claim on the Equifax Settlement Breach online registry.
Consumers can call the settlement administrator at 1-833-759-2982 for more information. The program to pay restitution to consumers will be conducted in connection with settlements that have been reached in the multi-district class actions filed against Equifax, as well as settlements that were reached with the Federal Trade Commission and Consumer Financial Protection Bureau.
