Sunday, 22 October, 2017

Equifax to offer free credit freezes for life, new CEO claims

Equifax Data Breach: 2.5 million more consumers affected, ex-CEO faces Congress Equifax hack: Ex-CEO Richard Smith tells congress human error and tech to blame
Melba Vasquez | 04 October, 2017, 01:34

In total, Barros could make roughly $2.99 million for his job, and that could rise to $3.7 million based on performance.

Smith will likely face a myriad of questions about timing and why it took Equifax so long to disclose the breach, which they discovered on July 29 and reported on September 7. Smith said that Equifax received an advisory from the US Department of Homeland Security on March 8.

Smith said he was informed of the breach the next day, and Equifax started taking action in response to the breach on August 2.

Democrats have introduced a flurry of legislation in response to the breach.

Equifax's chief legal officer John Kelley, who was put in charge of cybersecurity at the company and to whom Susan Mauldin was instructed to report, is still with the company.

Equifax officials are also reportedly being investigated by the US Justice Department after selling stock before the company revealed a data breach that exposed the personal information of millions of Americans. Equifax says that, after the intrusion, data appeared to have been stolen in May, but the theft wasn't discovered until late July.

On 15 March, the firm's security team ran scans "that should have identified any systems that were vulnerable to the Apache Struts issue", however, as noted by a number of security researchers, vulnerability scanners will only pick up this bug if they are pointed directly at a Struts URL.

Smith also says that he was not involved in the approval process for the stock sales, which he says often occur on a quarterly basis.

Most importantly, the FTC's investigation of the Equifax breach could provide momentum for Congress to act on federal data privacy legislation. He said at that point in time the company was unaware that consumer data had been accessed. He's also scheduled to testify in the Senate Banking and the Senate Judiciary Committees on Wednesday and the House Financial Services Committee on Thursday. They are reviewing a data breach that affected an estimated 145 million Americans.

The alert was sent the next day via email to the Equifax personnel who oversee security of the application, known as Apache Struts.

Equifax has been largely criticized for its handling of the response.

Equifax credit rating agency identified that approximately 2.5 million more United States customers were victimized by a cybersecurity incident disclosed last month, the company said in a press release.

In the below article, Rick Holland, VP Strategy at Digital Shadows, discusses the seven lessons all companies can learn from such a breach. This is not to mention the 143 million other Americans whose data was compromised by the hack; that's approximately 44% of the US population.

Smith said Equifax faced a "massive" task to prepare to respond to customers and had been overwhelmed by calls after the breach became public.

Plus, the free credit monitoring service the company was offering initially required consumers to give up their right to sue, inciting public outrage.

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