FTC: $575 million Equifax Settlement Illustrates the Need for Security Basics

Whether a credit union, bank, or some other business that collects and stores members /customers private and financial data, your organization should pay attention to this Federal Trade Commission (FTC) alert and advice.

The Federal Trade Commission advises… Patch your software. Segment your network. Monitor for intruders. According to tech experts, those are security basics for businesses of any size. But when you are industry giant Equifax – a company in possession of staggering amounts of highly confidential information about more than 200 million Americans – it’s almost unthinkable not to implement those fundamental protections. An FTC, CFPB, and State AG settlement of at least $575 million illustrates the injury to consumers when companies ignore reasonably foreseeable (and preventable) threats to sensitive data. Read on for security tips for your business and what consumers can do to get compensation for their losses and sign up for free credit monitoring.

The Equifax data breach has been in the headlines, but what happened behind the scenes?

Click here to read the full FTC alert and recommendations.