Equifax breach could be most costly in corporate history

FILE PHOTO: Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell/File Photo

NEW YORK/TORONTO: Equifax Inc said it expects costs related to its massive 2017 data breach to surge by US$275mil (RM1.07bil) this year, suggesting the incident at the credit reporting bureau could turn out to be the most costly hack in corporate history.

The projection, which was disclosed on a Friday morning earnings conference call, is on top of US$164mil (RM639.35mil)  in pretax costs posted in the second half of 2017. That brings expected breach-related costs through the end of this year to US$439mil (RM1.71bil), some US$125mil (RM487.31mil) of which Equifax said will be covered by insurance.