May 07, 2021

As ex-Equifax CEO testifies, all credit bureaus are on trial

04 Octubre 2017, 09:26 | Azura Castelo

As ex-Equifax CEO testifies, all credit bureaus are on trial

As ex-Equifax CEO testifies, all credit bureaus are on trial

They are reviewing a data breach that affected an estimated 145 million Americans.

- Former Equifax CEO Richard Smith told US lawmakers on October 3 that he was "deeply sorry" for a cyber hack that was thought to have exposed personal information for 143 million customers.

Hackers accessed names, addresses, social security numbers, and some driver's licenses through a flaw in software known as Apache Struts.

It blamed a vulnerability in the Java Struts Web application framework for the breach.

Hackers have unauthorized access to Equifax Inc.'s files.

The Daily Dot has reached out to Equifax and will update this article if we hear back.

"When I came to the company 12 years ago we had virtually no focus on cyber security", Smith testified. "There is a real impact as a result of this breach on consumers".

Equifax and an independent cybersecurity forensic consulting firm, Mandiant, worked "literally around the clock" to figure out what happened, Smith said.

Tuesday's committee hearing begins three days of inquiry into how Equifax managed to compromise the data of millions of Americans. In its financial filings, it said it relies "extensively" on the "voluntary contribution on credit data from most lenders in the U.S".

Since the breach, Equifax has been offering a credit lock to those affected, which would prevent the sales of information to other companies, though the information that was taken was kept in a portal that was not encrypted.

In testimony on Tuesday before a US House subcommittee on consumer protection, Smith explained that Equifax has a protocol whereby news of important software patches is communicated to the appropriate people within a certain time.

The Office of the Privacy Commissioner of Canada launches investigation into the breach.

However, Mr Smith said they were not aware at the time that personal information had been stolen.

In another exchange, Smith said he had "no indication of a breach" prior to the date of the stock sales, only of "suspicious activity". Both are replaced with internal employees on an interim basis effective immediately. A spokeswoman for LifeLock said Wednesday the company monitors information from all three major credit bureaus, as well as identity theft information from third-party data sources, and LifeLock's proprietary ID Analytics network. He stepped down on September 25, in the wake of the data breach.

Equifax also faces several state and federal inquiries and numerous class-action lawsuits.

The breach involved TALX, which is Equifax's human resources and payroll service.

That last part is telling, a possible signal to what could - or could not happen - after this week's hearings.

Mandiant found that about 8 000 Canadian consumers were impacted by the hack, fewer than the initial estimate of 100 000.

Late Monday, Equifax said an independent review had boosted the number of potentially affected USA consumers by 2.5 million to 145.5 million.

Otras noticias

Tendencias Ahora

US Defence Secretary Mattis backs Iran deal
Because the United Nations nuclear watchdog has found Iran in compliance, it's hard for the US administration to say otherwise. This would allow Trump to signal his displeasure with the deal while simultaneously upping the pressure on Tehran.

How to help victims of the Las Vegas mass shooting
Kodiak Yazzie said the first volley of shots stopped the music temporarily, and a second caused those on stage to run for cover. The airline is also re-accommodating Las Vegas travelers who wish to change their plans this week without change fees.

Motive for Las Vegas concert massacre baffles
She could reveal more clues about Paddock's motives when investigators interview her. "She gets to eat pizza - and I don't". Danley was not believed to be involved in the shooting "at this time", law enforcement officials told reporters on Monday.

Connecticut Democrats Take Senate Floor To Demand Action On Gun Violence
It's no surprise, then, that numerous nation's top law enforcement organizations oppose efforts to roll back silencer safety laws. During his remarks, Northam said , "We as a society need to stand up and say it is time to take action against gun violence".

Harry Kane closing in on calendar goal record
Just the shirt of Tottenham's Harry Kane played 174 games in which he scored 110 goals and recorded 18 assists. "I don't want to speak about this progress.

Piden prisión preventiva para Jorge Glas, vicepresidente de Ecuador
Aseguró que probará su inocencia ante la justicia que tiene fe "en que se imponga". Glas ha insistido que no renunciará al cargo. Solo les queda el linchamiento.

Oil prices waver narrowly ahead of United States inventory data
West Texas Intermediate for November delivery declined $1.41 to $50.26 a barrel at 11:39 a.m. on the New York Mercantile Exchange. The average daily production rate for 2017 was revised downward from 9.35 to 9.25 million barrels per day.

Watch: Residents of Barcelona react to referendum and ensuing violence
There is a Spanish proverb that a difficult choice puts one between the sword and the wall (entre la espada y la pared). Ada Colau, the mayor of Barcelona , demanded an end to the police actions and called for Rajoy's resignation.

Catalonia to declare independence from Spain within days - region's chief
He said that he would present the results to the Catalan parliament. "If not, I will not go". Former Barca manager Pep Guardiola was among those to have criticised the decision to play.

Barcelona president admits club could quit La Liga
We argue that re is a political solution in respect of citizens. "Together we are unstoppable in defending democracy". In a statement Monday, Bartomeu said Barcelona would "support the call for strike action tomorrow".