Thank You, Hackers
Equifax Inc. won’t be breaking free from the fallout surrounding its massive data breach anytime soon. The credit-rating firm was forced to spend extra money in the third quarter on security and lawyers after September’s cyber attack that gave hackers access to data on more than 145 million Americans. Selling, general and administrative expenses jumped to $312 million, a record 34 percent increase from the prior year. Costs tied to the hack are expected to be $60 million to $75 million in the fourth quarter, Chief Financial Officer John Gamble said Friday on the company’s earnings call.