SC tax agency to receive loan for hacking response
COLUMBIA, S.C. (AP) - The state's tax collection agency will receive a $20 million loan to pay for the state's response to the hacking of millions of taxpayers' personal data.
The Budget and Control Board approved Wednesday letting the Revenue Department borrow from the insurance reserve fund to pay its bills and keep operating.
The loan covers contracts signed by Gov. Nikki Haley and Revenue Director Jim Etter following the breach and actions taken so far to secure data.
The state owes $12 million to Experian for credit monitoring and will spend $1.3 million to notify taxpayers. Other bills are coming from a public relations firm, legal firm and computer forensic experts.
The agency also expects to spend $5.6 million to encrypt stored data.
The filings of 6.4 million residents and businesses were stolen.