Equifax CEO says company 'will make changes' after security breach

Equifax May Have Been Slow to Fix Security Flaw

What a mess, and I don't mean Hurricane Irma's destructive impact.

(NYSE:EFX) are down by about 12% as of 3:10 p.m. EDT as the company deals with fallout from a data breach that exposed the personal information - including names, addresses, dates of birth, and Social Security numbers - of as many as 143 million people to hackers. Users on Twitter report trying again and again to secure credit freezes, with both the website and phone systems failing.

Outrage over the incident, and ensuing confusion, is building quickly. His office is working with other state attorneys general to gather additional information from the company.

"We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations", said Richard Smith, Equifax chairman and chief executive, when the breach was revealed. Those terms seemingly required arbitration of all disputes, and waiver of the ability to bring or participate in a class action lawsuit, such as those filed in Portland and Atlanta.

But really, we just have to take a moment and let our collective jaws hang open in abject stupefaction. It is providing free service for one year through TrustedID Premier - whether or not you've been affected by the breach.

Credit cards, a chain and an open padlock is seen in front of displayed Equifax logo in this illustration taken September 8, 2017. And to do it securely! Further, personal information for United Kingdom and Canadian residents may have been impacted as well. So in other words the culprits walked in through the front door.

With millions of people feeling vulnerable after the hack and scrambling to secure their most important information, getting a credit freeze has been more hard than usual in the past few days. That would be inept.

In addition to your Social Security number, Equifax says that your driver's license number may also have been exposed. The scope of the hack suggests they walked into the house and cleaned out every room.

∙ Based on information out of Alabama where a hacker used a person's compromised information in an attempt to trick a retirement broker into gaining access to a client's account, we strongly advise that you contact your investment or retirement manager to understand what protocols and safety measures are in place to ensure someone can not pose as you to gain access to your accounts. It will stop thieves from creating new fraudulent accounts under your name.

Following the hack, Equifax offered consumers one year of free credit monitoring to guard against identity theft.

Terrorist groups, nation states and organized crime groups use this type of sensitive personal information to victimize US citizens and even potentially attack our critical infrastructure. If you believe you've been a victim of identity theft, you should also contact law enforcement.

Monitor your credit card statements carefully (go online; don't wait for the paper statement). If it does then they charge huge amounts. Type the company name directly into your browser. On Friday, she was directing her Twitter ire at Equifax. The upshot is hackers now have the most important pieces of identification for almost half the country.

Based on the events that have transpired thus far, three areas have emerged that companies will want to understand, internalize, and learn from.


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