Thousands of residents in the Times News area have been affected by the gigantic Equifax cybersecurity breach, but many are not even aware of it.

In fact, many don’t know that Equifax is one of the three largest consumer credit-reporting agencies in the nation, along with Experian and TransUnion.

Whether you like it or not or whether you have given your permission or not, the company collects information on more than 800 million people and nearly 90 million businesses worldwide.

In 2017, Equifax confirmed that a cyberattack exposed the accounts of nearly 150 million people and businesses. The company also announced six months later that another 2.5 million accounts were compromised.

The hackers got access to Social Security numbers, credit card numbers, birth dates, home addresses, license numbers and other personal information.

What enraged officials and customers is that Equifax was aware of the massive intrusion for almost two months before making it public. In the cyber world, this is a lifetime.

Last week, a settlement was made in the class action suit brought against the company. If this agreement is approved, Equifax will pay at least $650 million to settle lawsuits stemming from the breach. Claims must be filed with law firms which are handling the case. By the way, these legal firms will get about one-third of the amount of the overall award, so this leaves about $425 million for consumers.

If you do the math, it would mean less than $3 for every affected account, but here is the catch: Payments are not automatic; a claim must be filed. So, what does this tell you? If most people have no clue as to what Equifax is, it stands to reason that there will be millions who do not file claims.

In fact, the estimate is that just 7 million, or about 4.6%, will attempt to get compensation.

The settlement provides free credit-monitoring services for up to 10 years for those affected. Those who already have this service can apply for a $125 cash or gift card award. Affected account-holders can seek cash payments up to $20,000, but these claims must be accompanied by proof of damage caused or expenses incurred. The settlement also provides for up to seven years of identity-restoration services.

Those affected who were minors in May 2017 are eligible for a total of 18 years of free credit monitoring.

In addition to the payment to affected individuals and businesses, Equifax has agreed to compensate the states $175 million, including more than $7 million to Pennsylvania, according to state Attorney General Josh Shapiro.

Shapiro and the attorneys general of a number of other states filed an independent claim on behalf of their residents.

“Equifax failed in its fundamental responsibility to safeguard consumers’ sensitive financial information,” Shapiro said in a statement after the settlement was announced. “Equifax knew that there were serious flaws in their system, but still they did not take appropriate steps to fix it. They left their system vulnerable to the biggest data breach in history and the financial futures of millions of Americans were put at risk — and it was entirely preventable.”

Equifax has established a website to determine whether you have been impacted by the breach: https://eligibility.equifaxbreachsettlement.com/en/eligibility

If you are impacted, you can file a claim online: https://www.equifaxbreachsettlement.com/file-a-claim

The Federal Trade Commission also has a website dedicated to the Equifax breach with instructions on how to file a claim: https://www.ftc.gov/enforcement/cases-proceedings/refunds/equifax-data-breach-settlement

While the award is believed to be the largest ever agreed upon in the history of cyber breaches, U.S. Sen. Mark Warner, D-Virginia, believes it should have been about twice as large.

“Americans don’t choose to have companies like Equifax collecting their data — by the nature of their business models, credit bureaus collect your personal information whether you want them to or not.” Warner said. “In light of that, the penalties for failing to secure that data should be appropriately steep.”

Warner and Sen. Elizabeth Warren, D-Massachusetts, have introduced the “Data Breach Prevention and Compensation Act,” but it is expected to languish in the Republican-controlled Senate.

By Bruce Frassinelli | tneditor@tnonline.com