Equifax Breach Settlement Will Reach Indiana Residents After 2 Years in Court
More than 236,000 Hoosiers can soon expect to receive their compensation payments from The Indiana Attorney General concerning the Equifax data breach of 2017, which State officers originally filed a lawsuit for in May 2019.
Affected residents across the Hoosier State can expect to receive a $79 remittance as a part of the $19.5 million settlement that was agreed between Indiana and the credit company. However, only eligible candidates who filed successful claims before Dec.16, 2020, will receive the payment.
While this does mean that over 3.6 million Hoosiers who had their data compromised will miss out, the news comes as a major success for the state of Indiana. In addition to beginning the payment processing procedures within two years of filing the lawsuit, it signals the largest settlement of all 49 participating states.
Attorney General Rokita celebrated the news, stating: “This office’s years-long efforts to put money into the pockets of Hoosiers harmed by the Equifax data breach are finally coming to fruition. We will always fight tooth and nail for Indiana consumers.”
The lawsuit is one of the largest civil movements in relation to cybersecurity in history with Equifax offering its sincerest apologies to the 148 million Americans affected by the cyberattack in 2017, which saw data compromised between May, 13 and July, 30. The admission of the huge attack was later announced on September, 7 of that year.
After being found to have prioritized profits over protecting sensitive customer data, the credit score company has pledged its commitment to working with the best cybersecurity experts to prevent any future breaches.
At the time of filing the lawsuit then-Attorney General Curtis Hill said: “Hoosiers trust us to work hard every day to ensure their safety and security. This action against Equifax results from an extensive investigation, and we will continue our diligent efforts to protect consumers from illegal or irresponsible business activities.”
The office has delivered on its promise to secure financial compensation on behalf of its residents while simultaneously working to ensure Equifax implements better cybersecurity measures. It has also served as a stark reminder to all companies responsible for handling potentially sensitive client data.
While the breach is one of the biggest in history, there have been bigger. MySpace, eBay, and LinkedIn users have all seen data compromised in recent years due to large-scale cyberattacks. Meanwhile, the Yahoo breach in 2013-14 affected a total of over 3 billion users.
Indiana’s Attorney General Office began processing payments on March, 31 and all eligible candidates can expect to receive their financial package in the coming weeks. Individuals who filed a successful claim in 2020 can check the progress of the lawsuit and their claim at indianaequifaxclaims.com. However, claimants are not required to take extra steps as payments are now on their way.
Businesses throughout the state are encouraged to work with trusted providers of IT services in Indianapolis to build and maintain advanced data networks that protect against the growing threats posed by modern hackers and cybercriminals and safeguard against similar violations.