Pathetic. The credit bureaus not only have a massive amount of information, but they exert enormous control of our financial lives. The fine should have been 10 times this amount and it should all go to anyone who had their data stolen.
I think we need to impose a corporate death penalty. Otherwise, Equifax should be liquidated and the funds distributed to the impacted parties- not the governments that will just waste it. Then go after the corporate officers responsible, making them responsible for civil penalties related to negligence, gross incompetence, etc.Let that happen a time or two and corporate America will wake up. Right now they can digitally stalk you at will and sell the data for profit. In some cases they provide inaccurate data that can impact your ability to get a job, a promotion, secure credit, or even rent an apartment. When they screw up on this massive scale they are slapped lightly on the wrist.
mac_dog said:You need to start voting in law makers that aren’t beholden to corporate interests in order for this to happen. I’m thinking the likes of Elizabeth warden and Bernie Sanders. ...
SpamSandwich said:Class-action suits mostly benefit the law firms filing, not those allegedly harmed.
Not everyone is so happy with the settlement package, however. US Sen. Ron Wyden (D-OR) put out a statement on Monday blasting the proposals and arguing that company execs should have been personally prosecuted for their negligence in handling the personal information of others.
"Equifax leaders knew its security was pitifully weak and yet did nothing to correct it, according to the FTC. In a just world, these executives would be going to jail," reads Silicon Ron's statement to El Reg.
"No one should be able to collect deeply sensitive information on 200 million people without their consent, treat it with reckless disregard and then just pay a fine when a predictable, easily avoidable hack takes place."
I don’t know about jail, but they should go on trial personally and at the very least see significant person consequences... (fine the @#$& out of them)