The expected cost for the Equifax data breach incident will most likely surge by $275 million in 2018
This is news was just recently disclosed during the credit reporting bureau's earnings conference call on Friday morning. So far, the cost of the massive hemorrhaging 2017 data breach has already cost Equifax $164 million, and including the 2018 projection, will bring the incident to a total of $439 million by the end of the year.
As Equifax shared Thursday that it uncovered an additional 2.4 million people whose data was stolen in the attack. More than 147 million consumers are victims so far. The total cost could be "well over $600 million" and "it looks like this will be the most expensive data breach in history," said Larry Ponemon, chairman of Ponemon Institute, a research group that tracks costs of cyber attacks.
An incident that was originally reported in September is still under further analysis by Equifax who still may be identifying more consumers and data stolen. This isn't just mailing addresses we are talking about. This breach has included names, Social Security numbers, birth dates, driver's license and credit card numbers in the U.S., U.K. and Canada.
Consumer advocates and politicians alike, are further infuriated by this escalating situation that has an affect around the world. This outrage is sure to correlate in government investigation costs and civil lawsuits against Equifax.
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