First, The Equifax class action lawsuit has settled for the massive breach from 2017 when 143 million people had their personal information exposed.  Here’s how the settlement numbers break down:

  • 143 million affected people (43% of the US population)
  • Equifax will pay between $575 million to $700 million to victims, states and regulators including a restitution fund that will pay for credit monitoring up to 10 years. 
  • According to Fast Company, this amounts to $4 per victim.  For many, the settlement points out the limitations of the FTC to demand strong punishment and compensation for the organization to keep consumers personal information private.  Others estimate there may be a $175 payment made to victims.  The difference being how many people sign up to be a part of the class action settlement.

The second big news is the recent was the huge breach involving Capitol One.  Over 100 million people in the US are affected and 6 million in Canada as their personal information was stolen and offered for sale on the web.  A software developer named Paige Thompson who used to work for Amazon Web Services, (Amazons Cloud Server Division) got into a Capital One directory stored on Amazon servers and broke in through a misconfigured web application firewall.  She was then able to download over 106 million Capital One customers accounts and credit card applications which included names addresses, social security numbers, credit scores, credit limit balances and other private information.

Implications To Business Owners In The Inland Empire
When massive data breaches occur, the media concentrates on them.  The real news is that 60% of cybersecurity breaches happen to small and medium businesses.  

In California, EVERY business has Personal Identifiable Information (PII) that needs to be protected.  The minimum standard that has been set in by the California Attorney General is “reasonable security” must be used to protect PII.  The “reasonable security is defined by the Center for Internet Security 20 controls.  (CIS 20)

To help small and medium business owners in the Inland Empire, JR-Tech is offering a FREE Cybersecurity Threat Analysis and CIS 20 Report that shows exactly what needs to be done to ensure your business is compliant with the “reasonable security” standard required by the California State Attorney General Office.