Equifax data breach fine hits maximum limit

The Equifax data breach fine issued by the Information Commissioner’s Office (ICO) has hit the maximum limit of £500,000.00.

The 2017 Equifax data breach resulted in some 700,000 UK citizens put at risk from data exposure. In total, around 15 million records were actually compromised.

This was a major breach for a number of reasons. Firstly, it was preventable; taking place because an employee failed to patch a known security vulnerably. Secondly, because the damage could have been lessened had Equifax have had proper systems in place to spot such a breach. Thirdly, because of who Equifax are. This is a company who is a credit-reference agency. The fact that a data breach has happened to them is incredibly worrying.

The Equifax data breach fine

The Equifax data breach fine hit the limit of the old pre-GDPR rules. this equated to a massive £500,000.00.

Part of the justification for the level of the fine was that multiple failures were found. They were found in breach of five out of the eight data protection principles. These included: “failure to secure personal data, poor retention practices, and lack of legal basis for international transfers of UK citizens’ data.”

On the Equifax data breach fine, ICO commissioner, Elizabeth Denham, said:

“The loss of personal information, particularly where there is the potential for financial fraud, is not only upsetting to customers, it undermines consumer trust in digital commerce.

“This is compounded when the company is a global firm whose business relies on personal data.

“We are determined to look after UK citizens’ information wherever it is held. Equifax Ltd has received the highest fine possible under the 1998 legislation because of the number of victims, the type of data at risk and because it has no excuse for failing to adhere to its own policies and controls as well as the law.”

Victims claim on top of the Equifax data breach fine

Victims of the incident can claim in addition to the Equifax data breach fine that has been issued. The fine is for their breach of the rules, whereas victims can claim compensation on top of the fine.

Victims could be entitled to claim compensation for any distress and financial loss caused by the breach.

We’re helping people claim on a No Win, No Fee basis.

We’re already representing a number of victims if the Equifax data breach. You can contact our team on 0800 634 75 75 or complete an enquiry form below.

It’s not too late to start your claim yet.