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Equifax breach under the microscope

04 October 2017

The update comes as Equifax's former CEO, Richard Smith, testified in front of Congress Tuesday.

Richard smith stepped down as Equifax CEO last week after the breach was disclosed. The first hearing began Tuesday at 10 a.m. ET.

Latta says the theft of the data appears to be a result of specific problems at Equifax, adding "the big thing we heard today is it was a very human error on their part".

Equifax said Monday the review also determined that some Canadians had their credit card information hacked and will be mailing out written notices to all Canadians who may be affected, but did not provide a specific estimate.

"Equifax deserves to be shamed in this hearing but we should also ask what Congress has done or failed to do to stop data breaches from occurring", she said.

It's the first of several appearances taking place this week before House and Senate panels. "Companies like Equifax need more accountability, not less", said Schakowsky, an Illinois Democrat. The company's policy requires the upgrade to occur within 48 hours, but that did not occur.

A March 8 warning from the Department of Homeland Security about the vulnerability went unheeded and subsequent scans failed to identify the vulnerability, CNN Money reported. He said an internal investigation ensued and he was alerted the next day, but he had no knowledge at that time that consumers' personal information had been accessed.

The former chief executive at Equifax tells lawmakers that the sale of company stock by senior executives in early August was unrelated to the data breach at the company.

Tom Price flew a little too high, a little too often
A spokeswoman, Charmaine Yoest, said Price had once been delayed on a commercial flight and was forced to cancel a public event. White House press secretary Sarah Sanders said Tuesday that Price's trips weren't "White House-approved travel".

Smith noted that in addition to his departure, the company's chief information officer and chief security officer also left the company following the breach. Then Smith, the former chief executive, said that he, too, would step down.

Consumer Financial Protection Bureau officials have said the agency should embed more regulators at the three largest USA credit-rating firms to monitor cybersecurity - a plan endorsed Tuesday by Representative Jan Schakowsky.

He will also get a $500,000 cash bonus if he meets certain undisclosed criteria by the company's board of directors. From there, the company investigated the breach.

The timeline laid out by Smith didn't satisfy many lawmakers, who accused the company of being too slow. "I want to be in control of my information". Ben Ray Luján (D-N.M.), Smith repeatedly dodged questions about whether Equifax's response will make consumers whole. "Unfortunately, if fraudsters destroy my constituent's savings and financial futures, there's no golden parachute awaiting them". "This breach has impacted all of them". "How does this happen?' Walden said".

"The vulnerability remained in an Equifax web application much longer than it should have", Smith said. He said the company has increased its number of customer service representatives and the website has been improved.

Equifax has said about 145.5 million people in the USA, 400,000 in the United Kingdom and about 8,000 in Canada may have had their data compromised in attacks that occurred between May and July. "To me, it was just inexcusable", Costello said. He said the company wasn't prepared for that kind of volume.

"The slow rollout and how poorly it was done".

Equifax breach under the microscope