Former Equifax CEO blames breach on one IT employee

Equifax Data Breach: 2.5 million more consumers affected, ex-CEO faces Congress

Equifax Data Breach: 2.5 million more consumers affected, ex-CEO faces Congress

Smith, who stepped down last week as Equifax's chief executive, appeared Tuesday before a House subcommittee that is investigating the breach.

The information stolen earlier this year included names, Social Security numbers, birth dates and addresses-the kind of information that could put people at significant risk for identity theft.

The Monopoly man is part of a protest by Americans for Financial Reform and Public Citizen to draw attention to forced arbitration clauses that are used throughout the financial industry and limit consumers' ability to take disputes to court, CNBC reported.

These words did not seem to mollify the members of Congress, who may have found, in Equifax, one thing that Democrats and Republicans can agree on. He also said scans of Equifax's systems failed to detect the suspicious activity.

Equifax then compounded its mistakes by making it hard, if not impossible, for consumers to freeze their data, thus preventing its illicit use - and charging the consumer for the privilege!

Consumers and businesses will be harmed by the fallout from Equifax's data breach, she added, but "Equifax will be just fine".

And the company has seen its customer base increase tenfold since the Equifax data breach was announced last month, Warren noted. "Instead, this additional population of consumers was confirmed during Mandiant's completion of the remaining investigative tasks and quality assurance procedures built into the investigative process".

Smith said he didn't know many details about the contract, but he explained that it was for work Equifax has done in the past for the IRS, and he thought the contract was being renewed.

"That means someone buys credit monitoring from LifeLock, and LifeLock turns around and passes some of that revenue onto Equifax", Warren said.

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"When I came to the company 12 years ago we had virtually no focus on cyber security", Smith testified.

On Aug. 2, the same day King & Spalding was hired, Kelly approved two additional stock sales by Joseph Loughran, Equifax's president for US information solutions and Rodolfo Ploder, president of workforce solutions, Smith said.

During a testimony in front of the Congress, former Equifax CEO Richard Smith said both humans and technology is to blame for the breach.

An Equifax employee failed to alert the company that it needed to apply a patch to the vulnerable system.

"There is an intrinsic vulnerability in collecting and storing personal financial information, and we need to have a meaningful discussion on how to protect and limit access to it", said Senator Mike Crapo, the committee chairman.

Equifax says the review also determined that some Canadians had their credit card information hacked and will be mailing out written notices to all potentially impacted Canadians, but did not provide a specific estimate.

The IRS has suffered its own embarrassing breaches, with the agency announcing on 6 April that the personal data of up to 100,000 United States taxpayers could have been compromised.

The former CEO said the second cause of the attack was a failure of automated scanning conducted a week after the patch should have been applied. "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.

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