Have you heard of the vulnerable Equifax system? There has been an increasing amount of data breach by Equifax lately.

But first, we need to look at what is Equifax. If you didn't know, it's a credit reporting agency.

Although you are most likely not a client, there is a good chance that this particular agency has personal information about you.

The study found that Equifax knew about the security problem long before the hacking attack took place.

Nevertheless, they didn't do much to repair the dispute portal.

Although it has not yet been proven, it is still not clear why nothing was done in time to prevent the attack.

This company waited 40 days before the problem was discovered with over 140 million users in America that might have data at that time.

It refers to the date of birth, driving licenses, credit card details, social security numbers, and their names.

According to the latest information, Equifax has agreed to pay over $ 570 million for settlement with the Federal Trade Commission and the Bureau of Consumer Protection.

According to the FTC, Equifax will pay at least $ 300 million to the fund so it can compensate for the harm to all consumers and provide them with credit services.

The conclusion is that companies that profit from personal data must also have a responsibility to those users.

The goal of the settlement is for the company to take all the necessary steps to improve security and to prevent this from happening again.

But it's not the first time something like this has happened. Three years ago, there was a breach of personal information after which they had to settle a deal with a well-known taxi company, Uber.

Everyone hopes that big fines will force such companies to take more care of the security of their system.