Following a breach that exposed records of roughly 147 million people, Equifax set aside about $31 million to settle claims. As time increased the breadth of the exposure, a small fraction of the potential claimants objected to the original settlement and, only recently, forced Equifax to raise their number to $1 Billion, with a B. The way the settlement is structured, according to a Security Week report, they don’t come out of pocket to that extent right away. There are a lot of “ifs” and “thens” that trigger the full limit of the court-approved settlement. And that’s the focus of our story. A breach is the gift that keeps on giving.
It’s tough to sympathize with Equifax, since many of you reading this were affected by the breach. It’s also easy to understand why many insurers are excluding breach-related losses from their liability coverages. It’s like a tornado. The landscape just looks dark and ominous, and then your roof flies off, followed by walls and furniture, and suddenly your world is changed. Sure the calm returns, but the damage lasts a mighty long time.
The Bag Or The Bat
Cybercrime is like Ray Donovan. When it knocks on your door, it gives you a couple of options, and neither one of them is good. In addition to your organization’s reputation and forward momentum, a breach of any size or scope can shake the foundations, even if you hold on to the roof.
ICS can help you keep the entire Donovan family at bay. Call today, and stay away from the windows.
