The world of incompetence.

Sadly, some 143 million Americans will lose some sleep over the likelihood their credit information was hacked by an intruder of Equifax.  Even more disturbing, many bankers have no frigging clue what the scandal is or how to fix it.  I spoke to one of my bankers today and they were dumbfounded as to the event or how to address it.  Sorry folks, but when you have no control over your credit score, management of personal information, or methods to control your personal information, you’re screwed.  Adding insult to injury, top management at Equifax sold millions of their stock before the released the “breach”.  Sorry, someone needs to go to jail…

##########################################################

Equifax — The Inherent Liability of Data Aggregation

The company was breached, exposing 143 million Americans, and they waited over a month to tell us.

Business Review Board · Sep. 12, 2017

How safe is your personal information? Not very, based on last week’s news that Equifax, one of the three credit-reporting giants, had suffered a data breach impacting about 143 million Americans.

But it gets worse.

“The company said in a statement the unauthorized entry occurred mid-May through July 2017, as criminals “exploited U.S. website application vulnerability” to access files ranging from social security numbers, birth dates, addresses and driver’s license numbers,“ Fox Business reports. “Hackers also accessed the credit card numbers of about 209,000 consumers in the U.S. and other documents with personal identifying information for about 182,000 people in the U.S. Equifax said it discovered the breach on July 29, 2017 but did not publically disclose the information until Sept. 7, 2017.”

That’s right — the company waited more than a month to disclose the bad news. That was plenty of time for executives to sell off $2 million in company stock.

Consumers can find out if their data was compromised at a Equifax’s dedicated website. But beware the fine print. Consumers accepting the “free” credit monitoring and identity theft protection service Equifax offers as compensation initially had to agree not to be part of any class action lawsuit against the company.

Thus the lesson is the inherent danger and liability personal data aggregators create for the consumers in their databases.

 

Leave a Reply