Home Business Equifax’s massive cyber breach resulted in 23 class-action lawsuits

Equifax’s massive cyber breach resulted in 23 class-action lawsuits

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Equifax is facing at least 23 class-action lawsuits, after disclosing that personal identifying information for about 143 million US consumers have been compromised by a massive cyber breach. Additional cases are likely to be filed against the consumer credit reporting company.

After the Thursday’s disclosure by the credit reporting giant, indicating that over 44% of the US population’s personally identifiable information was accessible to the criminal hackers. Federal courts saw a number of lawsuits being filed throughout the weekend.

Senators Orrin Hatch, Utah and Ron Wyden, Oregon, the chairman and ranking member of the Senate Committee on Finance respectively, sent Equifax detailed questionnaire about the breach on Monday.

A copy of the letter showed that the panel wants a detailed timeline of the breach, information about the company’s efforts to identify the number of consumers affected, the breach of information compromised and the steps Equifax has taken to identify and limit potential consumer harm.

The number of lawsuits against Equifax that seek class-action status tells us the high level of legal stakes in here over the identity-theft losses by millions of Americans whose personal data was exposed.

It also shows the eagerness of the plaintiff law firms to stake their claims on behalf of the consumers who eventually might be in line for a share of either a court judgement against Equifax or a settlement by the company.

Equifax didn’t respond to any of the emails sent to them with regards to seeking a comment on the incident. However, the company acknowledged last week it expects costs related to the cyber attack, causing a fall of 8.2% in their share value which is now at $113.12 in Monday’s trading after Friday debacle of 13.7% plunge.

No groups have been identified to be behind the massive cyber breach. What is know? – Is that the hackers carried out the cyber attack from mid-May through July 2017. The data that were compromised included primarily names, social security numbers, birth dates, addresses and driver’s license numbers.

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