Equifax was hacked five months earlier than date it disclosed
- Author: Latoya Cobb Sep 20, 2017,
Sep 20, 2017, 0:31
Make sure you check the costs. The attorneys general said that Equifax should be taking steps to reimburse consumers who incur these fees to completely freeze their credit. Please research credit freezes so you fully understand the process and the concept.
Canada's privacy commissioner said Friday that it started a probe into the cyberattack and Equifax has committed to contacting Canadians whose data may be at risk in writing as soon as possible. Visit MarketWatch.com for more information on this news.
State and federal authorities are proposing tougher regulations against Equifax and the entire credit monitoring industry.
While the disclosure of the second major hacking incident doesn't suggest Equifax's previous statements about the theft of personal data in May are inaccurate, it raises additional questions around the security of the information held by one of the world's largest credit reporting agencies.
Equifax said the March hack wasn't directly related to the later breach, which it has said occurred in mid-May, but an unnamed individual familiar with the matter told Bloomberg it was carried out by the same individuals. But the company said that the earlier intrusion was unrelated to the breach that may have impacted as many as 143 million people, which the company discovered in July but did not disclose until six weeks later. That stops thieves from opening new credit cards or loans in your name, but it also prevents you from opening new accounts. Senator Elizabeth Warren said she would open an investigation, and the state of MA, which she represents, has also said it would file a lawsuit. The chairmen of at least two U.S. House committees say they want to hold hearings. Credit bureaus like Equifax are lightly regulated compared to other parts of the financial system.
Three Equifax executives - not the ones who are departing - sold shares worth a combined $1.8 million just a few days after the company discovered the breach, according to documents filed with securities regulators.
Equifax's stock has fallen more than 25 percent since Thursday.
The company and the executives didn't immediately respond to requests for comment.