In 2017, Equifax was breached resulting in the largest cyber security event in history. Around 148 million people had their data compromised in this breach. These individuals may be able to claim up to $20,000 following the recent settlement that Equifax has announced. Equifax is now going to be paying up to $700 million to the victims. Individuals can file to see if they are able to claim any of this settlement. The amount paid to the victim is dependent on how much of a detriment the breach was to the individual.
This breach reminds everyone, both businesses and the general public, that the security of data is very important. There are hackers that will choose to target smaller businesses as opposed to larger businesses like Equifax. As a business owner, or just a member of the general public, there needs to be an idea of confidence. When you are accepting payments, social security numbers, or peoples’ personal data, privacy has become a hot topic. If a lack of proper security leads to a breach, the general public will lose confidence in your company. As a business, you need to think of data as an utmost importance. If you are putting customers’ personal information on a document on your computer then you are in danger of being hacked. This can lead to fines and lawsuits. Statistics show that 90% of businesses have already been hacked and are not aware of it. A good idea is to have an IT company come to your business and check your infrastructure to guarantee you are secure. Also, you should make sure to always keep up to date on your PCI Compliance to keep your business safe.
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