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April 2018, Vol. 20, No. 2

Cost of data privacy breach may not be enough

Equifax admitted during its Q4 2017 earnings call in March that more people, than previously disclosed, had their personally identifiable information -- names and partial drivers' license information -- exposed in the company's historic data breach. And there may be more, the consumer credit company told regulators. With 147.9 million consumers affected, and counting, what will the data privacy breach cost Equifax? That same month, Facebook came under fire for mishandling the data privacy of 50 million users. Roughly 270,000 Facebook users had downloaded a psychology professor’s app, and their data and that of their “friends” was allegedly harvested in 2016 by political data firm, Cambridge Analytica. Unlike Americans, citizens and residents of the European Union will soon have strengthened data privacy breach protection when the EU's General Data Protection Regulation (GDPR) goes into effect on May 25, 2018. Instead of a credit freeze and lifetime of credit monitoring, individuals in the European Union can look to data ...

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