Equifax counts the cost of monumental data breach

As Equifax counts the cost of the monumental data breach they suffered last year, we’re left wondering why they hadn’t spent enough money on ensuring the data they hold was safe and secure in the first place…

Too many organisations are reactive instead of proactive; only ever spending what they need to when a data breach actually happens.

So far, Equifax is said to have spent around £175m on dealing with the data breach, of which £91m of that was insured. The costs have dealt with the general expenses, IT improvements, and we assume the fines and claims against them, of which our claims will need to be factored into that.

We’re already representing a number of people affected by the Equifax data breach. There are thought to be around 700,000 UK victims of the cyber-hack that happened last year where hackers were able to easily break into Equifax’s systems because they failed to patch a known security vulnerability and failed to identify the continuing gap in their security. Given that this breach was entirely preventable, we’re taking on data breach compensation claims on a No Win, No Fee basis.

If you have been affected by the Equifax data breach and you have yet to start your claim with us, please contact the team here for help.

The costs do not surprise us…

On the subject of the costs of the Equifax data breach being revealed, we’re really not surprised.

Data breaches cost a lot of money, and we really do want to see organisations stepping up their cybersecurity game to prevent hacks and breaches as opposed to dealing with the fallout of them after they’ve already happened.

It’s too late for the victims once their data has already been exposed.

Why didn’t Equifax spend this money on making sure the valuable and sensitive data they hold was secure in the first place? There is no excuse! The new GDPR coming into force this month may well see the costs of data breaches rise, so any organisation who doesn’t take data security seriously is set to be more harshly punished.

Claiming for Equifax data breach compensation

We’re representing a number of UK victims who have come forward, and we’re helping them claim on a No Win, No Fee basis because we believe Equifax is liable for the data breach. In failing to deal with a known security vulnerability, people’s data was left exposed, and it was ultimately accessed by cyber criminals.

Please contact the team now to find out more about your rights to claim for data breach compensation.

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