From the article:
Equifax now stares bankruptcy in the face, which just might be an adequate wake up call to push enterprises to take software security seriously.
Maybe the executives that cashed out millions in stock could use that money to avoid bankruptcy. It won’t happen though. Instead they will keep they massive fortunes that they made after learning of the breach and the tax payers will be footing the bill and seeing the repercussions for a long time.
It should not have to come to an incident like this to have a company that databases so much personal information to get serious about security.
I would not be surprised if the other two companies later stated that they were breached at some point also.
Why do I think this is a likely scenario? You’re probably spot-on!
Another outcome would be for their board to fire a few folks at the top – for the publicity & to show they “care” – yet, pay those same employees their contractual golden parachute!
Bankruptcy would be the better outcome…
Not for those affected. No other company will provide shitty service for free. They have got to be forced to monitor everyone affected for life.
I seriously doubt that tax payers will be footing the bill
Not directly, but Legislation might snare all sorts of activities and companies, even those doing a great responsible job of security. Legislation is always a cost and always a burden. Laws are also written in many cases by those being regulated in order to secure monopoly over a market. Take Equifax to court, sue them into bankruptcy, let the SEC look into the execs that sold stock and let the FBI and others look into the breach.
The credit data company said that Susan Mauldin, who had been the top security officer, and David Webb, the chief technology officer, are retiring (not fired) from Equifax. Mauldin, a college music major, had come under media scrutiny for her qualifications in security.
Like I said: they won’t go hungry. They take their stock, bonuses, and other gold with them. You or me? Hung out to dry…
It rarely happens but the Board can cancel or modify Golden Parachutes depending on bylaws and contracts. It has happened in other similiar situations.
This whole video is interesting, but 3:22 is Equifax part.
IRS awards multimillion-dollar fraud-prevention contract to Equifax
From the article:
The IRS will pay Equifax $7.25 million to verify taxpayer identities and help prevent fraud under a no-bid contract issued last week, even as lawmakers lash the embattled company about a massive security breach that exposed personal information of as many as 145.5 million Americans.
The notice describes the contract as a “sole source order,” meaning Equifax is the only company deemed capable of providing the service.
So nice and comforting to know that a committee created by Equifax to investigate the stock trades by the executives have determined that theirs managers didn’t do insider trading.
Discover now has social security alerts. It is supposed to alert you if your SS is found on certain sites etc. Discover uses Equifax to make the checks, it’s in their fine print.
Another huge data breach - different company - Alteryx. It was apparent that the firm had purchased the information from Experian,
Most of these are easy to prevent. Keep systems updated. But, you cannot trust these companies to do the right things.
This is a good website is pretty good to find out if your information has been compromised as far as your E-Mail address and passwords:
Now they are saying that 2.4 million additional people are affected.