Credit reporting service Equifax has been under intense scrutiny in the aftermath of its revelation that their security systems had been breached. The cyber attack occurred on July 29th but it wasn’t announced until Thursday. The attack compromised more than 143 million customers and their private information.
In an era where many corporations have been victims of hacking, Equifax is under fire not for allowing the breach but how the company has handled it.
Just wow. If you enter "Test" and "123456" on Equifax's hack checker page, it says your data has been breached. pic.twitter.com/cTjTs7Frjv
— Zack Whittaker (@zackwhittaker) September 8, 2017
Three company executives including CFO John Gamble sold stocks in the company three days after the breach happened. The executives, who claimed to have not received information of the breach at the time they sold the stock, made a combined total of $1.8 million. What’s worse is that it took over a month for them to go public with the information, preventing millions of people from securing their identity from theft and fraud.
Equifax said in its formal statement that hackers accessed Social Security numbers, names, birth dates, addresses and in addition to the credit billing information of its customers. If it turns out that the executives who sold their stock had knowledge of the breach they could be charged with felonies for engaging in illegal stock practices.
Equifax shares tumbled 13% in the hours after their announcement meaning the executives Gamble, Joseph Loughran and Rodolfo Ploder avoided losses in the transaction.
Equifax is doing its best to remedy the situation but even that effort has fell short. The company created a website to allow its customers to find out if they were affected by the hack but it doesn’t offer much assistance.
Not only does the new page require that you give Equifax more of your personal information but it shows a basic thank you screen at the end which means its simply a customer service inquiry form.
CEO of Equifax Rick Smith released a video where he formally read a statement from a teleprompter which seemed to rub some people the wrong way.
You can see the statement here:
You can check their website to see if you have been affected here.
Share this so that everyone can be protected.