General Accountability Office and an in-depth analysis by Bloomberg Businessweek. The crisis was the subject of a detailed report by the U.S. VERIFY viewer Dan recently forwarded our team an email that contains an activation code for free credit monitoring related to the settlement. “As the broader investigation into the Equifax breach continues, some state officials want to know why Equifax didn’t say something sooner. The inquiries are aimed at determining whether Equifax might have violated state laws requiring companies to notify consumers promptly when cyber-thieves steal personal data.” As part of a global settlement, Equifax agreed to pay up to 425 million in July 2019 to help people affected by the data breach, which included free credit monitoring. The failure by Equifax to disclose the data breach for six weeks sparked additional headlines and investigations.Īccording to the Wall Street Journal in October 2017, “Attorneys general in at least five states are looking into why credit-reporting firm Equifax Inc. didn’t tell the public for nearly six weeks about the massive data breach that potentially compromised the personal information of 145.5 million Americans. “Three other executives, including the chief financial officer, have drawn scrutiny for selling $1.8 million of company stock just days after the breach was discovered internally but nearly six weeks before it was announced to the public.” Delayed Disclosure Sparks Investigations The company said its chief information officer and chief security officer retired earlier this month. “The breach has sparked multiple investigations at the state and federal level, including the Department of Justice in Atlanta, where Equifax is based, and the Federal Trade Commission. On September 26, 2017, CNBC reported that, “Richard Smith, CEO and chairman of Equifax, abruptly retired Tuesday following a data breach at the credit-reporting service that affected the personal information of 143 million people. The second breach of customers’ trust may prove just as difficult.” “The breach of sensitive personal data may be impossible to repair. The information includes names, birth dates, addresses and Social Security numbers. “Hackers stole personal information for as many as 143 million individuals from Equifax’s credit files, leaving them vulnerable to identity theft. To place a fraud alert on your Equifax credit report, visit our Fraud. The question for Equifax is whether Smith follows the example of Tylenol after fatal product tampering, BP after a fatal oil spill, or JetBlue after a disruptive ice storm. for information on the Equifax Data Breach Settlement. “Corporate America is no stranger to such existential moments.
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