This week, Equifax received final approval from a federal judge on the largest data breach settlement agreement in American history. About 150 million people’s personal information was compromised in the 2017 data breach, and this settlement marks a landmark in the company’s recovery from the incident.
The judge estimated the class action settlement is worth more than $7 billion, including the retail value of free credit monitoring offered, the minimum $1 billion Equifax was required to spend on data security, and up to $700 million in civil penalties and monetary compensation for consumers. It was negotiated between the Federal Trade Commission, the Consumer Financial Protection Bureau and 50 U.S. states and territories.
Jamil Farshchi arrived at the company in February of 2018 as its new chief information security officer to help grapple with the fallout.
He spoke to a group at Georgia Tech’s Institute for Information Security and Privacy on Friday about cybersecurity best practices and what the company has done to rebuild and reinforce itself since the breach. He sat down with WABE for an interview afterward.