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Banking & Finance News

ICO fines Equifax from Data Breach

Equifax is to be fined by ICO (Information Commissioner’s Office) after the company failed to protect the confidentiality of over 15 million of its European customer’s data with an investigation that was launched.

Equifax is a consumer credit reporting agency that collects and aggregates information on over 800 million individual consumers and more than 88 businesses worldwide.

The company had a huge data breach in May 2017 that caused over 145 million of its customers’ personal information to be leaked. Equifax stated that 15.2 million of its UK records that were dated along 2011-2016 was stolen and that 14.5 million UK customers with their names and their date of birth were compromised but with no significant risk for their security.

Following the breach that the company suffered last year, ICO teamed up with the Financial Conduct Authority and investigated the said breach. The two forces found out later that there were three groups affected by the breach.

The maximum penalty under the law that ICO can fine Equifax is £500,000.

While the customers who were still affected by the breach is still upset, the company has strengthened the security protocols and has made measures to protect its customer’s data in the future. ICO said that they are clear in their reports, but the company said that they are disappointed with the said findings and penalty that was fined to them.

Equifax made a formal apology to its customers that were affected by the breach.

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