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HACK CITY B*TCH

The FTC slapped consumer credit reporting company Equifax with a $700M fine for a data breach that leaked 147M American’s credit reports and personal info. Hackers were able to access Social Security numbers, date of birth, and credit card records during the 2017 sh*tstorm.

This fine is the largest handed down by the FTC, dwarfing the $128M penalty dealt to Uber for a data breach of its own. In addition, Equifax is also required to increase its overall data security procedures. Apparently, “Steve from IT never forgets to install a software update patch,” isn’t a fool-proof control system.

Prove it

Equifax announced that $425M of the fine will be used to create a consumer restitution fund and allow users who were affected by the breach to collect up to $20k in cash. There’s just one catch: it’s nearly impossible to prove that an individual's data was compromised and used in a malicious way.

If consumers can show that they spent time and energy monitoring or fixing their credit, or suffered any out-of-pocket losses, they will be eligible for the $20k. Otherwise, they can get a $125 coupon (yes, a coupon) to have Equifax monitor their credit activity … which will all but ensure their data is available the next time Equifax gets hacked.

Luckily for Equifax none of the consumer data has shown up in a Lithuanian back alley a la the dark web.

Equifax Just Got Fined Up To $700 Million For That Massive 2017 Hack  [Forbes]

IN OTHER NEWS

- Microsoft makes a $1B investment ... in a company founded by Elon Musk [Engadget]

- Looks like Apple is a hardware company after all [WSJ]

- Robinhood just raised more money, because it's 2019 and that's what fintechs do [Bloomberg]

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