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Equifax fined £11m over ‘entirely preventable’ major cyber-security breach

Equifax has been fined £11.16m by the Financial Conduct Authority for breaches of cybersecurity that exposed the personal data of millions of UK consumers in 2017. The regulator said the cyberattack was “entirely preventable” and criticised the company for underplaying the incident, stating 400,000 customers had been affected when the real number was 13.8 million. The credit reference firm outsourced data security to its US parent and failed to manage and monitor this arrangement effectively. It also failed to swiftly notify Uk account holders and treated their complaints “unfairly”.

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