Tag: credit bureau

One year after the massive data breach at Equifax

27. July 2018

Last year at this time the Credit Bureau Equifax has been hacked and the sensitive data of approximately 143 million consumers has been affected.

The data breach is considered to be the worst data breach in US history, according to the scale and the nature of the information exposed. Hackers have entered the system and stole data like consumer’s name, social security numbers, birth dates, addresses and in some cases also driver’s license numbers, as well as credit card numbers.

After the data breach, the company had to be determined that they were not prepared for such an event, measures had to be taken. So what happened during the past year?

Equifax has remained fairly quiet amidst class action suits, congressional scrutiny, a Federal Trade Commission probe, and a wave of new state regulations designed to ensure that Equifax substantially improves its security defenses. Beyond others, in February a new Chief Information Security Officer, Jamil Farshchi, was hired. Farshchi had managed information security at high-stakes companies and cleaned up data breaches before. Furthermore, Equifax invested $200 million on data security infrastructure.

So the transformation is in process to create a world-class security program at Equifax.