"We've come to an agreement amongst the states with Equifax the settlement agreement to reimburse and re mediate for the damages caused to consumers throughout the country. One hundred and forty-seven million affected throughout the country."
"The largest settlement in the history of this country with regards to data breach and as a result of this settlement consumers will have relief to deal and reimbursement for the efforts that they have to, they had to make to deal with this data breach."
"There are people who are praying online and trying to access individual's private information globally not only within this country but globally and certainly entities such as Equifax have the responsibility to be aware of this atmosphere and to protect consumers from that."
Illinois Attorney General reiterates that companies like Equifax have the responsibility to protect consumer data.
"There are people who are praying online and trying to access individual's private information globally not only within this country but globally and certainly entities such as Equifax have the responsibility to be aware of this atmosphere and to protect consumers from that," said Kwame Raoul during an interview with the Associated Press.
Raoul's comments come hours after Equifax agreed to pay $700 million, potentially more, to settle with the federal authorities and states over its 2017 data breach that exposed the Social Security numbers and other private information of nearly 150 million people, roughly half of the U.S. population.
The settlement with the Consumer Financial Protection Bureau and the Federal Trade Commission, as well as 48 states, the District of Columbia and Puerto Rico, would provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief.
Illinois will get over $7 million of that $700 million settlement.
"The largest settlement in the history of this country with regards to data breach and as a result of this settlement consumers will have relief to deal and reimbursement for the efforts that they have to, they had to make to deal with this data breach," said Raoul.
The breach was one of the largest ever to threaten the private information.
The consumer reporting company, based in Atlanta, did not detect the attack for more than six weeks.
The compromised data included Social Security numbers, birth dates, addresses, driver license numbers, credit card numbers and in some cases, data from passports.
The breach resulted in the abrupt dismissal of Equifax's then CEO, as well as numerous other executives at the company.
The relief is coming in multiple forms. Equifax will pay initially $380.5 million into a fund to cover potential identity theft that was caused as a result of the breach, as well as any costs that a potential victim had to pay for credit monitoring.
An additional $125 million would be paid additionally by Equifax if victims' out-of-pocket expenses end up depleting the initial fund.
Equifax could also potentially pay $2 billion to cover credit monitoring services if all 147 million victims sign up for credit monitoring services.
Victims of Equifax's breach will be eligible for up to 10 years of credit monitoring services for free, seven years of identity-restoration services, and six free copies of Equifax's credit reports per year for the next seven years.
That's on top of the free credit reports each U.S. resident is eligible for from the credit reporting companies under U.S. law.
The settlement must still be approved by the federal district court in the Northern District of Georgia.
Government pensions and social security , Government business and finance , Business , Government business and finance , Government and politics , Computer and data security , Computing and information technology , Technology , Consumer protection and advocacy , Consumer affairs
Illinois Attorney General's Office, Illinois state government