Attention Citizens Bank iPhone Upgrade Program Subscribers; here is a big relief in the air for you! Remember the September 2017 Equifax Data Breach case involving compromise of your data that was stolen by hackers? Now, the Federal Trade Commission (FTC) has given its final ruling on the matter.
FTC Rules Against Equifax – 140 Million Victims including Citizens Bank iPhone Upgrade Program Subscribers to Get Relief
FTC has ruled in a settlement worth up to $425 million – a monetary respite to over 140 million American victims for the Consumer Financial Protection Bureau, and 50 U.S. States and territories. This order is to help people affected by incident termed as the largest of its kind in US history.
Hackers raided Equifax (a leading consumer credit reporting agency or Credit Bureau of the US) servers and computers to steal personal information like names, date of birth, residential addresses, driver’s license, and social security numbers, apart from other sensitive information. Citizens Bank was then outsourcing Equifax services in an attempt to garner business.
Equifax expresses commitment to resolve Data Breach issue via Settlement
In a presser, Equifax Chief Executive Officer, Mark W. Begor said, “The consumer fund of up to $425 million that we are announcing today reinforces our commitment to putting consumers first and safeguarding their data – and reflects the seriousness with which we take this matter. We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement while continuing our $1.25 billion EFX2020 technology and security investment program. We are focused on the future of Equifax and returning to market leadership and growth.”
According to Apple Insider, “Equifax violated its prohibition against deceptive practices, failing to safeguard peoples’ personal information despite claiming that it implemented “reasonable physical, technical and procedural safeguards.”
Equifax release also added that “If the Court approves, members of the settlement class will receive notification of their rights and options as part of the multi-district litigation”. For more information, visit the official website of EQUIFAX DATA BREACH SETTLEMENT.
Why Does Data Breach Happen and Who All are Involved?
We understand that companies typically collect data for various reasons. In specific, when data, and principally, personal in nature, is shared with third-party or parties for whatever purposes, but without express permissions of the persons or entities involved, will usually tantamount to breach.
In the Equifax Data Breach case, hackers breaching their computer data security protocols and measures and overriding them was a grave and damaging incident to all concerned.
This case highlight on both the ends – data compromise and vulnerability as well as the failure of countermeasures or security that any company or individual may face in today’s world. Are you a subscriber of Citizens Bank iPhone Upgrade Program? Can you share your views on this case?