Former Equifax chief will face questions from US Congress over hack

Former Equifax chief will face questions from US Congress over hack

"Equifax deserves to be shamed in this hearing".

A scanning mechanism that was meant to search Equifax's system and identify if the exploit was still present also failed to identify the vulnerability, which left the company vulnerable and allowed the breach to occur. Trump likened this breach to the 911 terror attacks and the defenders of data as firemen.

"How does this happen when so much is at stake?" "We can't pass a law that fixes stupid". As first reported by Politico, Equifax will "verify taxpayer identity" and "assist in ongoing identity verification and validation" needs of the IRS in exchange for millions of dollars.

People continue to investigate the reasons behind the cybersecurity incident in EQUIFAX.

In addition to the hearings, the hack has prompted state attorneys general and several federal agencies to examine the data breach and the company's response.

Smith said he would like companies and government agencies to "begin a dialogue" about replacing Social Security numbers as a key verifier.

Smith's testimony notes that the breach occurred because of both "human error and technology failures". Al Franken, D-Minn., Richard Blumenthal, D-Conn. and Sheldon Whitehouse, D-R.I., and would hold data brokers accountable for what they are doing with the personal and sensitive information of Americans. He described suspicious activity against the company's database as routine. Again, the public announcement followed three days after on September 7.

"As we all painfully learned, data security is a national security problem", Smith told lawmakers.

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Smith said that the stock sales on August 1 and Aug 2 by the three executives occurred during the 30-day window when insiders can sell stock following the company's quarterly call with financial analysts.

Another issue that has been confusing to consumers is that the website Equifax created so they could check if their information was stolen has a different address from Equifax.

The way Barton sees it, if his bill were to become law, anyone whose information was compromised in a data breach would be eligible for "automatic compensation".

Smith's 12-year tenure at Equifax came to a stunning end last week when he abruptly retired, replaced in the interim by Paulino do Rego Barros Jr., an executive from the company's Asia Pacific division. The next day Equifax's security team was notified by email.

Well, it's time for lawmakers to answer that question themselves: What are they going to do to protect American consumers and punish companies that don't protect them?

"Slow roll out and how poor it was done, to me is just inexcusable", Rep. Ryan Costello, R-PA, said. The company adds an unspecified number of U.K and Canadian consumers also may have been impacted. The company said it would update the database with the names of the additional millions of potentially affected consumers by October 8. He said the company wasn't prepared for that kind of volume.

According to Smith, Equifax's own protocols required that any vulnerable software be patched within 48 hours. Comparable legislation in past congressional sessions has failed to gain significant traction.

In most cases, it's the financial institution that's responsible for fraudulent charges made to a customer's account - regardless of where their personal information was hacked. Also, we learned that the company wasn't big on encryption.