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24/7 Software Blog

How Your Property Can Avoid a $700 Million Breach Pay Up

by 24/7 Software / July 25, 2019

“Equifax will pay up to $700 million in fines and monetary relief to consumers over a 2017 data breach at the credit reporting bureau that affected nearly 150 million people,” write Avie Schneider and Chris Arnold in their recent NPR article entitled “Equifax To Pay Up To $700 Million In Data Breach Settlement.”

According to the article, “The proposed settlement, which is subject to approval by a federal court, was announced Monday by the company, the Federal Trade Commission, the Consumer Financial Protection Bureau, 48 states, the District of Columbia and Puerto Rico.”

“The consumer data exposed in the breach included Social Security numbers, birthdates and addresses and, in some cases, driver's license numbers,” Schneider and Arnold explain.

The NPR piece continues “CFPB Director Kathleen Kraninger said the settlement includes $425 million to cover the ‘time and money [people affected by the breach] spent to protect themselves from potential threats of identity theft or addressing incidents of identity theft as a result of the breach."

“Equifax also agreed to pay $175 million to the states and $100 million to the CFPB in civil penalties,” the article notes.

According to Schneider and Arnold, “starting in January, Equifax ‘will provide all U.S. consumers with six free credit reports each year for seven years,’ the FTC said. That's in addition to the free annual credit reports that Equifax, and the two other nationwide credit reporting agencies — Experian and TransUnion — currently provide.”

Proactive Operations Can Avoid a Costly Breach

Gulp.

Now, would that not be a hard pill to swallow if you had to share this news with your boss?

We can only imagine.

Thankfully, this isn’t your property.

But that doesn’t mean your property is safe from a breach and extreme risk.

That’s a hard pill we swallow every day.

It gives us a purpose to wake up in the morning and put everything we’ve got into figuring out ways to help properties like yours employ Proactive Operations.

And we’ll write articles like this one until we’re as blue as our logo – or every property on earth is a Proactive one.

We know what it takes to avoid a $700 million breach pay up like Equifax’s.

Here’s how:

Employ Proactive Operations throughout your organization to achieve maximum performance.

You won’t only avoid costly breaches at that point.

You’ll enhance customer experience and reduce your property’s overall risk.

How’s that sound to you?

#1 Methodology for Maximizing Your Ability to Avoid a Costly Pay Up

Over the years, we’ve worked with many experts in various industries to help them improve the efficiency and effectiveness of their operation.

We admit; we’re obsessed in our pursuit to understand what’s needed to help our customers achieve success.

That’s because success has so many meanings and perspectives.

Agree?

It’s a tall task.

But and important undertaking we decided on years ago.

From Corporate to Transportation operations, we’ve always worked to discover ways to contribute to the success of every operational function.

  • What are the fundamental needs of the industry?
  • What’s important and relevant to the experts in each field?
  • What are the collective strengths and weaknesses that they all share?
  • What’s missing?

That’s when we had an epiphany.

Operations across every industry must move away from the reactive mindset they’ve had for years.

It’s time for a proactive approach – one that will evolve with the demands of the environment.

And that would help you achieve your ‘success’ no matter your definition.

We’ve done just that.

And while our long-term relationships with industry experts have shaped Proactive Operations, it’s their participation and contribution that has ignited a movement.

With Proactive Operations, you have the advantage of maximizing your performance to avoid costly $700 million breach pay ups like Equifax – and a whole lot more.

Ready to learn more? Head over to our comprehensive resource on Proactive Operations now to educate yourself on the three important pillars of this methodology.

Over to You

Equifax is to pay $700 million in its data breach settlement. We bet you’d agree that would be a huge pill to swallow knowing you have to share that information with your boss. Thankfully, you don’t.

But the threat of a breach and extreme risk is always trying to make its way at your property’s doorstep. You don’t always see it either. That’s why we’re turning as blue as our logo to share how important employing Proactive Operations is for your property’s risk defense.

Learn how to employ Proactive Operations using strategy, infrastructure & technology.

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