2/18/2023 0 Comments Equifax data breach![]() ![]() Some cyber security experts criticized Equifax for setting up a support website under a different domain than the company’s main website, mirroring a tactic that can be used to fraudulently collect data. It is “troubling that Equifax is forcing people to waive legal rights in order to receive fraud monitoring after the company’s breach put their personal information at risk,” a CFPB spokesman said in a statement. Equifax offers identity theft protection solutions and dedicated support to help you react and respond to a data breach. ![]() Recovering from identity theft is complicated and time consuming. In the case of the Equifax data breach, it’s very likely that the company had a robust security program in place. In 2017, Equifax, one of the countrys three major credit reporting bureaus (along with Experian and TransUnion), announced that criminals had hacked into. Even for companies that have mature cybersecurity processes in place, sometimes missteps or control failures can occur. Consumer Financial Protection Bureau, however, still had concerns with the terms associated with the free credit monitoring offer. Cyberattacks and the resulting security and data breaches can have a devastating impact on any business, and their customers. In examining the root cause of this data breach, here are three key things to consider: 1. consumers worried about the data breach that it promoted on its support website.Īgreeing to the terms appeared to forfeit some rights to sue individually or join a class-action suit, but Equifax said on its website that the arbitration clause applied only to the credit monitoring offer and not to any damages caused by the recently discovered data breach. Slideshow ( 5 images ) WAIVED LEGAL RIGHTS?Įquifax drew scrutiny for terms of service that accompanied a free credit monitoring offering to all U.S. The breach was “especially troubling” because companies that have suffered data breaches typically offer free credit monitoring services from firms like Equifax, which has now itself suffered a huge cyber attack, he added.īigger hacks, such as those disclosed by Yahoo last year, did not put as much sensitive information at risk. “Another day, another dumpster fire in cyber security,” said Ryan Kalember, senior vice president of cyber security firm Proofpoint. The hack, among the largest ever recorded, was especially alarming due to the richness of the information exposed, which included names, birthdays, addresses and Social Security and driver’s license numbers, cyber researchers said. Equifax Could Not Follow Its Own Policies in Patching the Vulnerability That Ultimately Caused the Breach. Equifax shares tumbled as much as 18 percent, the biggest one-day drop in 16 years, as complaints mounted that the company’s online and phone support systems were either broken or insufficient. Equifax never conducted another audit after the 2015 audit and left several of the issues identified in the 2015 audit report unaddressed in the months leading up to the 2017 data breach. Lawmakers and regulators joined the chorus, scrutinizing the company’s follow-up as it encouraged potential victims to sign up for free credit monitoring services. ![]()
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