Former Equifax CEO testifies before Senate committees

05 October, 2017, 00:56 | Author: Darren Santiago
  • Richard Smith testified to congress on Tuesday in the US

Eschoo also wanted to bring in former Chief Information Officer Dave Webb, who also retired from Equifax last month, saying, "I don't think that this is resolved". The company's stock rose 2.9 percent to $110.88.

Smith served as the Chairman and CEO of Equifax for the last 12 years. But it's unclear how 145 million consumers would have encountered the dispute portal or process.

"Do you not have a double check?" he said.

Democrats have introduced a flurry of legislation in response to the breach. "We don't know how this breach happened, who is responsible or what Equifax is doing to prevent a similar security lapse from happening in the future. I have no indication that they had any knowledge of the breach when they made this sale", Smith said, pointing out it wasn't unusual for individuals to sell within the quarterly earnings window.

Hackers exposed the Social Security numbers, drivers licenses and other sensitive info of 143 million Americans earlier this summer by exploiting a vulnerability in Apache's Struts software, according to testimony heard today from former CEO Richard Smith.

The company is offering free credit monitoring and credit freezing for people who are concerned about their data falling into the wrong hands. It was only after the forensic review conducted by Mandiant that the actual number was found to be far lower than the estimate.

However, Smith had an interesting explainer for how this easy fix slipped by 225 people's notice - one person didn't do their job. The executive, Richard Smith, apologized to a House panel for the data breach. Tony Cardenas, D-California, to ask for another hearing at which Kelly would be asked to testify.

It's the first of several appearances taking place this week before House and Senate panels.

In late August, Equifax determined when to tell the public about the attack, set up extra call centers and services to help consumers, cooperated with the FBI on its criminal investigation into the breach, and prepared for more attacks after the announcement.

The company discovered the hack July 29 and publicly announced it more than a month later, on September 7.

"It's like the guards at Fort Knox forgot to lock the doors and failed to notice the thieves were emptying the vaults", Republican Rep. Greg Walden of OR said, reports the Los Angeles Times. The Mandiant forensic review added nearly 2.5 million to the estimated list of American customers, pushing the total figure up to a massive 145.5 million people altogether.

Nevertheless, Smith said "Equifax is committed to make it whole for you". Warren also proposed legislation, The Freedom from Equifax Exploitation (FREE) Act, which would require credit reporting agencies to offer customers free options to impose or lift a "credit freeze" that halts the sharing and selling of personal credit information to third parties.

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