Experian rep: Value for SC services is $150M
Kapczynski also said that the retail value of the products Experian has contracted to provide to South Carolinians who enroll, up to 5.7 million, is about $150 million so far. More than 932,000 people have signed up so far for the free year of monitoring, which is typically about $160. If enrollees opt for a second year, Kapczynski said they would be eligible for a reduced rate of about $80.
If all current enrollees signed up for the additional year, that would mean nearly $75 million for Experian. But Kapczynski said that, on average, only about 5 percent would likely do so — meaning a less than $4 million profit for the company.
The Budget and Control Board on Wednesday approved a $20 million loan request for the Revenue Department to pay for the state's response. In addition to Experian's bill, other bills due include $200,000 to a public relations firm, $290,000 to a legal firm, and $750,000 to Mandiant, whose computer forensic experts determined what happened and recommended how to better secure the agency's data.
The revenue agency also expects to spend $5.6 million on two Mandiant recommendations — the bulk of it to encrypt stored data, plus about $25,000 for gadgets that produce temporary passwords for employees logging into the system remotely. Mandiant officials have said either method could have prevented the hacking.
Notices to affected taxpayers are starting to go out this week. All 3.8 million should be notified by year's end, and Haley says the notices will cost $1.3 million.
Kinnard can be reached at http://twitter.com/MegKinnardAP
Business Photo Galleriesview all
- 36901Oklahoma weather: Crews work to clear storm damage in Oklahoma City as the state braces for severe weather Sunday.
- 36295Oklahoma tornadoes: 'It took it all'
- 32626Oklahoma Severe Storm Updates
- 8549Wild hogs continue to be a growing menace across Oklahoma
- 5487OKC Thunder GM Sam Presti won't amnesty Kendrick Perkins
- 4132Oklahoma City Thunder: What could Serge Ibaka learn from Hakeem Olajuwon?
- 4021Oklahoma State football: Limiting Wes Lunt's transfer options makes Mike Gundy look bad