![]() ![]() Three Equifax executives insulated themselves from that downturn by selling shares worth a combined $1.8 million just a few days after the company discovered it had been hacked, according to documents filed with securities regulators. "It will take months or years for Equifax to recover - from both the impact on its stock and on consumers' trust - and no doubt they'll be learning from this for years," said Ray Rothrock, CEO of security software company RedSeal. It also could undermine the integrity of the information stockpiled by two other major credit bureaus, Experian and TransUnion, since they hold virtually all the data that Equifax does, Litan said.Įquifax's stock dropped 13 percent to $124.10 in extended trading after its announcement of the breach. "This really undermines their credibility," Litan said. that involved the Social Security numbers of about 80 million people. It eclipses a 2015 hack at health insurer Anthem Inc. ![]() "I apologize to consumers and our business customers for the concern and frustration this causes."Įquifax's security lapse could be the largest theft involving Social Security numbers, one of the most common methods used to confirm a person's identity in the U.S. "This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do," Equifax CEO Richard Smith said in a statement. authorities to ask a company hit in a major hack to delay public notice so that investigators can pursue the perpetrators. The Atlanta-based company declined to comment on that delay or anything else beyond its published statement. While Equifax said it discovered the hack at the end of July, it waited until Thursday to warn consumers. Credit checks are even sometimes done by employers when deciding whom to hire for a job. Lenders rely on the information collected by the credit bureaus to help them decide whether to approve financing for homes, cars and credit cards. "Credit bureaus keep so much data about us that affects almost everything we do." "On a scale of one to 10, this is a 10 in terms of potential identity theft," said Gartner security analyst Avivah Litan of the Equifax news. But the Equifax breach could end up being more damaging for consumers because no Social Security numbers or drivers' license information were stolen in the Yahoo hack. corporate history happened to Yahoo, which saw data for more than 1 billion users compromised in two attacks in 20. ![]()
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