Economy

Equifax timeline on breach detailed but unclear

Equifax timeline on breach detailed but unclear”

Had Europe's General Data Protection Regulation (GDPR) been in force, Equifax would not only face the raft of litigation in the US, alongside a growing number of government investigations, it would also be in breach of the world's most stringent privacy standards - resulting in hefty fines of up to 4% of the company's worldwide sales or €20 million. Chief financial officer John Gamble, president of US information solutions Joseph Loughran, and president of workforce solutions Rodolfo Ploder reportedly sold a combined $1.75 million in Equifax stocks on August 1 and 2.

All told, the hack, which Atlanta-based Equifax disclosed September 7, affected as many as 143 million people, mostly in the United States.

The cybersecurity regulations require financial institutions to implement a program for protecting consumer data.

Equifax also is facing several inquiries and class-action lawsuits, including Congressional investigations, queries by the Federal Trade Commission and the Consumer Financial Protection Bureau, as well as several state attorneys general.

The ICO has been pressing Equifax to reveal the impact of the breach on United Kingdom citizens.

Equifax also said Friday it would continue to allow people to place credit freezes on their reports without a fee through November 21.

The data accessed includes names, dates of birth, email addresses and telephone numbers, but does not contain postal addresses, passwords or financial information. Scammers can spoof their numbers so it looks like they are calling from a particular company, even when they're not. They also have tips for what to do if your information is lost or stolen.

Equifax CIO and CSO replaced following colossal data breach

A senior U.S. senator has asked the Federal Trade Commission, one of the few bodies with oversight powers over loosely regulated credit raters, to examine Equifax's security practices and its "widely-panned response" to consumers potentially impacted.

"The people of SC are angry about this breach and the potential for identity theft", Wilson said in a statement.

Filings with the US Securities and Exchange Commission showed that three high-ranking Equifax executives sold shares worth nearly US$1.8mil (RM7.53mil) in the days after the hack was discovered. Originally, the company offered fee-free credit freezes for 30 days after the incident.

The risks were highlighted by the Equifax breach, which led two senior executives responsible for security in information technology to retire on Friday.

Equifax is offering free credit monitoring services in response to the breach, but the attorneys general today objected to Equifax "seemingly using its own data breach as an opportunity to sell services to breach victims", they wrote.

The company's CEO Richard Smith is scheduled to testify in front of Congress in early October.



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