Equifax breach caused by lone employee's error, former CEO says

12 October, 2017, 01:05 | Author: Brenda Erickson
  • Richard Smith testified to congress on Tuesday in the US

When the breach was originally disclosed to the public, the total number of affected consumers stood around 143 million people.

Equifax's information security department ran scans that should have identified any systems that were vulnerable but failed to identify any flaws in the software known as Apache Struts.

"Equifax profits when consumers are victims of fraud by offering protection services so that they're able to make a buck even after data breach".

Last week, Smith stepped down from Equifax, and is leaving with a golden parachute that might be worth more than $18 million, Bloomberg reported.

Equifax has said about 145.5 million people in the USA, 400,000 in the United Kingdom and about 8,000 in Canada may have had their data compromised in attacks that occurred between May and July.

Credit reporting firm Equifax has revealed that around 2.5 million more people may have been affected by the massive security breach that they suffered between mid-May and 29 July.

"Senator, if I may clarify, the arbitration clause is in a series of products that we offer to consumers where consumers have options", Smith responded.

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Smith appeared before the House energy and commerce ommittee on Tuesday, where he expressed his remorse and desire to made things right, but had frequent testy exchanges with lawmakers.

The review "also has concluded that there is no evidence the attackers accessed databases located outside of the United States", the Equifax statement said. "You're just required to notify everybody and say, 'So sorry, so sad, '" Rep. Joe Barton told Smith.

During the hearing, Smith defended Equifax, saying the monitoring business only accounts for a small portion of their services.

Equifax keeps a trove of consumer data for banks and other creditors who want to know whether a customer is likely to default.

The company previously said that around 400,000 United Kingdom consumers may have been caught up in the breach.

On Tuesday, he apologized for the personal data being breached, and said it took weeks for the credit bureau to realize how widespread the hack was. Walden said in opening remarks at the hearing.

Smith said he would expect Equifax to "cooperate" with "particular legislation that arises out of this horrific breach".

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