In 2020, Equifax was made to pay further settlements relating to the breach: $7.75 million (plus $2 million in legal fees) to financial institutions in the US plus $18.2 million and $19.5 million to the states of Massachusetts and Indiana respectively. "Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers."Įquifax had already been fined GBP500,000 in the UK for the 2017 breach, which was the maximum fine allowed under the pre-GDPR Data Protection Act 1998. "Companies that profit from personal information have an extra responsibility to protect and secure that data," said FTC Chairman Joe Simons. In a statement, Didi Global said it accepted the cybersecurity regulators’ decision, which came after a year-long investigation into the firm over its security practices and "suspected illegal activities." Didi Global: $1.19 billionĬhinese ride-hailing firm Didi Global was fined 8.026 billion yuan ($1.19 billion) by the Cyberspace Administration of China after it decided that the company violated the nations' network security law, data security law, and personal information protection law. Here are the biggest fines and penalties assessed for data breaches or non-compliance with security and privacy laws. Now, the Equifax fine has been eclipsed by the $1.19 billion fine levied against the Chinese firm Didi Global for violating that nation’s data protection laws, and by the $877 million fine against Amazon last year for running afoul of the General Data Protection Regulation (GDPR) in Europe. Marriott was hit with a $124 million fine, later reduced, while Equifax agreed to pay a minimum of $575 million for its 2017 breach. Sizable fines assessed for data breaches since 2019 suggest that regulators are getting more serious about organizations that don't properly protect consumer data.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |