Equifax Inc.’s British unit was hit with an £11 million ($13.4 million) fine for one of the biggest cyber-security breaches in history after it failed to manage UK consumer data.
(Bloomberg) — Equifax Inc.’s British unit was hit with an £11 million ($13.4 million) fine for one of the biggest cyber-security breaches in history after it failed to manage UK consumer data.
The Financial Conduct Authority said Friday it had fined Equifax Ltd. over the 2017 hack that accessed the personal information of 13.8 million UK customers because Equifax outsourced the data to its US parent for processing and didn’t put the right safeguards in place.
“Financial firms hold data on customers that is highly attractive to criminals,” said Therese Chambers, the FCA’s joint executive director of enforcement and market oversight. “Regulated firms are on the hook, regardless of whether they outsource or not.”
The Atlanta-based company had been subject to probes around the world since it disclosed that the hack had exposed personal data, including partial credit card details. The FCA said that the company also mishandled customer complaints following the incident.
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