The FCA fined Equifax Ltd (Equifax) £11,164,400 for inadequate oversight of outsourced UK consumer data security to its US parent company, leading to a breach and potential financial crime risks for millions
In 2017, Equifax Inc, the parent company of Equifax Ltd, experienced a massive cybersecurity breach, affecting around 13.8 million UK consumers due to data outsourcing to Equifax Inc’s US servers.
Equifax provided inaccurate information about the breach’s impact on UK consumers and mishandled complaints, violating cybersecurity and consumer protection regulations.
Compliance with FCA expectations mandates prompt, transparent, and fair notification of data breaches to affected individuals, along with the implementation of fair complaints handling procedures.
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