Two years after hackers breached its data banks, Equifax is still dealing with the fallout as it continues to shore up its systems.
In reporting its earnings late last week, the Atlanta-based credit reporting agency said the May 13, 2017 breach has, thus far, led to about $1.25 billion in tech and security investments, according to a statement by Mark Begor, the company’s chief executive officer.
In the first quarter of this year, the company took a $690 million charge to cover estimated expenses in the many legal claims Equifax still confronts. In the same period, Equifax spent $786.8 million on technology and business costs related to the breach, according to the statement. Equifax reported a loss of $559 million on revenues of $846.1 million.
The personal data of 148 million people was exposed during the breach, which wasn’t discovered for several months and not revealed to the public until September 2017.
T hose revelations set off a political outcry that led to departures of several top company officials, including the chief executive officer, who was forced to face a Congressional grilling. A group of state attorneys general launched an investigation.
Equifax stock also took a beating, dropping from $141.59 a share in on September 1, 2017 to $91 late last year before starting a partial recovery. Shares of Equifax closed at $119.40 on Friday.
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