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Senators Rip Credit-Reporting Model in Wake of Equifax Breach

04 October 2017

The $7.25 million contract was filed last week, at a time when the credit reporting agency is still reeling from a massive cyber breach that compromised the personal data of 145.5 million people. By the end of the week, Smith will have testified in four congressional hearings. No current Equifax official testified.

Equifax first notified the public of the security breach on September 7, though it said the unauthorized access is thought to have happened from May 13 to July 30, with Equifax's security team catching the hack on July 29. "I'm truly and deeply sorry for what happened", he said in his opening remarks.

"Most major lenders have relationships with all three agencies so that they get the most accurate information about the consumer", Horn said.

In the wake of the disclosure, the company has come under fire over its decision to delay the public announcement of the breach for over a month and is also being scrutinised for three executives selling shares just days after the organisation learned of the breach, but before it was made public. "How does this happen?' Walden said".

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It is described as a "sole source order", meaning that Equifax was the only firm to be offered the contract. The company disseminated that warning by email the next day and requested that applicable personnel install the upgrade. Company policy is that patches are to be installed within 48 hours.

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. But beginning in May, a software flaw allowed hackers to gain access to the Equifax data. Only suspicious traffic in and out of its system on July 29th tipped the company off to the breach. The three stock sales totaled more than $1.8 million. He even fired back a little, suggesting that "we need a public-private-partnership to best secure Americans' data going forward".

However, Smith had an interesting explainer for how this easy fix slipped by 225 people's notice - one person didn't do their job.

It's possible Smith made other mistakes, too. "I want to be in control of my information". "Put a happy face (on this) and then leave with a golden parachute", said Rep. "Unfortunately, if fraudsters destroy my constituents' savings and financial futures, there's no golden parachute awaiting them". At one point, he asserted that only consumers who had occasion to used Equifax's dispute resolution portal were impacted by the data heist - Equifax has said hackers used that site to gain access. Ellis said he expects the House commerce committee, which he chairs, will take up the legislation on October 16. "The scale of this hack was enormous and we struggled with the initial effort to meet the challenges that effective remediation posed", Smith said.

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That includes Social Security numbers, birthdates, credit history and much more. This year, the company has already spent $500,000 on similar issues, including in favor of legislation that would cap its legal liability if sued by consumers.

"I'll take that as a no", Lujan said. "I think that way is something different than an SSN, a date of birth and a name", he said, according to Bloomberg.

"The slow rollout and how poor it was done", Costello said.

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Senators Rip Credit-Reporting Model in Wake of Equifax Breach