Equifax Inc. said it expects costs related to its massive 2017 data breach to surge by $275 million this year, suggesting the incident at the credit reporting bureau could turn out to be the most costly hack in corporate history.

The projection, which was disclosed on a Friday morning earnings conference call, is on top of $164 million in pretax costs posted in the second half of 2017. That brings expected breach-related costs through the end of this year to $439 million, some $125 million of which Equifax said will be covered by insurance.

“It looks like this will be the most expensive data breach in history,” said Larry Ponemon, chairman of Ponemon Institute, a research group that tracks costs of cyber attacks.

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