Oregon Rep. Greg Walden Questions Former Equifax CEO
12 October, 2017, 01:06 | Author: Kristen Ingram
Equifax 's former CEO Richard Smith appeared before the Senate Banking Committee on Wednesday to testify regarding the hack his company faced, which affected more than 140 million people. It was a horrific breach, I apologize on behalf of the company for that breach.
Not only did hackers get their hands on personal identifying information for approximately 182,000 USA consumers that included names, Social Security numbers, birth dates, addresses and, in some instances, driver's license numbers, they also accessed names, dates of birth, email addresses, and telephone numbers belonging to over 400,000 United Kingdom citizens.
Smithsaid repeatedly on Tuesday that the breach happened as a result of both human and technological error. "We also continue to work closely with our internal team and outside advisors to implement and accelerate long-term security improvements".
"I understand that Equifax's investigation into these issues is ongoing", he said in the statement.
"Equifax profits when consumers are victims of fraud by offering protection services so that they're able to make a buck even after data breach".
Democratic Rep. Frank Pallone of New Jersey also honed in on the company's response to the breach, saying its customer service was "confusing and unhelpful", a common Equifax customer complaint in the wake of the hack.
Security personnel noticed suspicious activity on July 29 and disabled web application a day later, ending the hacking, Smith said.
"It only applies to Equifax".
Warren said this business mix creates a conflict of interest by making Equifax responsible for protecting consumer data while allowing it to profit from consumers' attempts to mitigate the breach. But the "vulnerable versions" of the software were not identified or patched, Smith said.
Equifax said a forensic analysis of the event carried out by a cybersecurity firm had now completed. But despite numerous internal discussions, Equifax did not publicly announce the breach until September 7.
During his five minutes of allotted questioning, Scott, R-S.C., laid out the timeline Smith had given the committee thus far during his testimony, picking at the discrepancy of when company executives sold stock and when the public was informed of the breach.
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