Equifax Breach May be the Most Expensive in History
In its disclosure last Friday, Equifax projected that its 2017 breach may become the most costly in corporate history.
It is estimated that breach costs could surge up to $275 this year, which is on top of $164 million in pretax costs in the second half of 2017. This may reach $439 million by the end of the year, only $125 of which will be covered by insurance.
Larry Ponemon of the Ponemon Institute agreed with the prediction, as costs to resolve government investigations and civil lawsuits could significantly increase losses. However, even after disclosing that another 2.4 million people had been affected by the breach, Equifax still reported that it had topped Wall Street profit forecasts last week.