The importance of data security
Equifax has agreed to pay nearly $18.2 million to Massachusetts, following a data breach that affected up to three million Massachusetts Residents.
Following a settlement under which Equifax was liable to pay $19.5 million to Indiana, it comes a monetary penalty under which Equifax has agreed to pay up to $18.2 million to Massachusetts (a considerable amount). It is crystal clear, not only for a reputational point of view but from an economical one, the importance of having in place proper security measures when dealing with consumers / users personal data. Especially, when we are handling sensitive data.
Any weakness in our defenses, can be very appealing to hackers. Who, like in this case, will try to take as much advantage as possible, striking mercilessly.
The lack of proper security measures can bring a company to the ground. The other way around, having strong security measures and policies by design and by default not only would attract customers but also will be profitable in the long-term.
The data breach happened as a result of Equifax´s inability to protect Massachusetts Residents personal data. Due to their security gaps hackers were able to break into the companies files accessing and exposing the sensitive personal data “of least 147 million consumers nationwide”.
“Equifax had a duty to protect the private information of our consumers and it failed massively – leading to the worst data breach in history,” said AG Healey. “Our office secured a significant penalty from Equifax to ensure accountability for this inexcusable conduct. The company will implement stringent measures to strengthen its security practices and keep our data safe.”
The penalty imposed to Equifax goes beyond monetary terms. It imposes to the company the liability of putting in place strong security measures in order to avoid any further damage. The company has to make up the proper measures to be sure that such a breach never again takes place.
Find here the Settlement
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