Equifax’s first quarter earnings report highlighted expenses due to its September 2017 data breach and how the spending is shifting more toward IT and security. Equifax’s spending is shifting more toward data security and IT systems. Equifax carries $125 million in cybersecurity insurance with a $7.5 million deductible.
In its first quarter earnings report, Equifax outlined that it spent $45.7 million for the three months ended March 31 on IT and data security. The company has been staffing up to bring on expertise to shore up its security.
Legal and investigative fees tied to the data breach, were $28.9 million. The total for the first quarter was $68.7 million. In the fourth quarter, Equifax disclosed that it spent a net $114 million for 2017 on the data breach. However, $50 million of data breach costs were covered by insurance.
Equifax said it will spend heavily on IT at least through 2019 in an effort to build an industry leading data security system.
Source: ZNET
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