Canada watchdog asks Equifax to help citizens impacted by breach

House of Burgess: Equifax hacked; execs sell stock

House of Burgess: Equifax hacked; execs sell stock

The payout for hackers in the form of identity theft was in the millions which is why they're coming up with new ways to breach sensitive data all the time. Durbin sits on the Senate Finance Committee. "It's a problem when people can act with impunity with no consequences". Large-scale litigation such as this is par for the course in the aftermath of high-profile data breaches, which can result in settlement payments up to hundreds of millions of dollars. Moreover, does Equifax know anything about the identity or motivation of the hackers?

In an opinion piece in USA Today, Equifax Chief Executive Officer Richard Smith apologized for the breach and vowed the company "will make changes". Security experts say the scale of the breach - half of all USA adults may be impacted - once and for all burns Social Security numbers as identifiers, and leaves all victims at elevated risk of identity theft (see Equifax Breach: 8 Takeaways).

He also addressed the delay in notifying consumers about the breach, saying the company initially "thought the intrusion was limited". Equifax hired a cybersecurity firm and spent "thousands of hours" investigating before informing the public six weeks after the breach was discovered, he said. "We are devoting extraordinary resources to make sure this kind of incident doesn't happen again", Smith writes. We simply have to accept this state of affairs as part of being able to do any normal commercial activity in our daily lives.

Cocanower says we all know about putting malware software on our computers, but we don't think about it for our phones.

As the magnitude of the Equifax hack sinks in, more people are realizing they've been victimized and cyber security specialists are being inundated with calls and questions about what to do next. A spokesman for SEC Chairman Jay Clayton declined to comment. "We're trying to get a handle on the scope of all of this". Did we miss anything in our reporting? Names, addresses, birth dates, Social Security numbers, driver's license numbers and other information are held by Equifax. That is why it was so devastating to see that Equifax was hacked and 143 million Americans' information could be compromised. That's because your data is the product that they sell to other people and companies.

"While we continue to seek answers from Equifax, and will use all tools available to do so, we want to provide consumers a place where they can go to get the latest information available on the breach", Kilmartin said.

The Equifax breach alone affects almost half of all Americans, and the many other recent corporate data breaches extend this vulnerability to most American families far into the future. It is also offering free credit monitoring and identity theft protection for a year.

Under pressure from NY attorney general Eric Schneiderman, Equifax dropped that language from the terms of the credit-monitoring agreement.

Last Friday, Equifax shocked the country with news about a data breach of unprecedented scope.

"I am concerned about the global financial system and keeping it safe", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY. The company did not immediately respond to request for comment.

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