Page 7 - Threat Intelligence 7-29-2019

Regulatory and

Privacy News

What does Equifax's $700M settlement over its data breach mean for you? - Americans will now
get compensation for losses tied to one of the biggest data security failures ever. Credit-reporting
company Equifax has agreed to pick up the tab in a proposed deal with the Federal Trade
Commission, Consumer Financial Protection Bureau and 50 states and territories to settle
allegations that it did not implement sufficient security measures to protect its network. The
settlement still must be approved by the U.S. District Court for the Northern District of Georgia. The
deal calls for Equifax to pay at least $575 million, including $300 million for free credit monitoring
services, $175 million to states, the District of Columbia and Puerto Rico and $100 million in
penalties to the CFPB.
Source: https://news.yahoo.com/equifax-pay-700-million-ftc-115058471.html

World Bank Group Debars Entrust Datacard Corporation - he World Bank today announced the 12-
month debarment of Entrust Datacard Corporation (EDC), a U.S. technology company, and its
controlled affiliates, in connection with collusive practices as part of the Bangladesh Identification
System for Enhancing Access to Services Project. The debarment makes EDC ineligible to participate
in World Bank-financed projects. It is part of a settlement agreement under which the company
acknowledges responsibility for the underlying sanctionable practices and agrees to meet specified
corporate compliance conditions as a condition for release from debarment.

Source: https://www.worldbank.org/en/news/press-release/2019/07/17/world-bank-group-
debars-entrust-datacard-corporation

Facebook Set For Major Privacy Overhaul Following Fine - Facebook has set out plans for a radical
overhaul of its internal processes to foreground user privacy, in the wake of its record FTC fine. The
social network was slapped with a $5bn penalty by the US regulator following mistakes it made
which led to personal data on 50 million users and their friends being used by shadowy political
consultancy Cambridge Analytica without their knowledge. It has been argued that the data was
used to try and influence the outcome of the Brexit referendum and the 2016 US Presidential
election. In a blog post on Wednesday, general counsel Colin Stretch outlined the steps Facebook is
taking to build a security and privacy-by-design culture “on a different scale than anything we’ve
done in the past” – with transparency and accountability front-and-center.
Source: https://www.infosecurity-magazine.com/news/facebook-major-privacy-overhaul/

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