Equifax agrees to pay $700 million settlement for its 2017 data breach.

Artem Beliaikin/Pexels

Equifax has agreed to pay up to $700 million as part of a settlement agreement reached in regard to its 2017 data breach.

According to Reuters, the consumer credit reporting agency’s settlement is the “largest-ever settlement for a data breach” and effectively ends the investigations into the company by the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and “nearly all state attorneys general.”

The breakdown of the $700 million settlement is as follows: A total of $175 million in fines is to be paid to the states. The CFPB is expected to be paid $100 million. Finally, Equifax is expected to establish a “restitution fund” to help customers affected by the data breach. Reuters also reports that this fund will start at $300 million but can reach up to $425 million if needed. Furthermore, Equifax also agreed to strengthen its security and undergo regular policy reviews by a third party.

By Anita George.

Full story at Digital Trends.