The Equifax Hack, Corporate Responsibility and Insanity

The train-wreck is ongoing. (and mixing in another metaphor.) The rats are safely off the sinking ship. Equifax’s Enormous Data Breach Just Got Even Bigger

Last Thursday, Equifax reported that another 2.4 million Americans were impacted by their already enormous data breach. That brings the total to 147.9 million Americans. The only good news from this recent announcement: the incremental 2.4 million people only had their name and part of their driver’s license number revealed. Most people impacted by the breach had their Social Security Number exposed, which is much more dangerous.

If you haven’t frozen your credit, you probably should. And you should review your credit reports, but you should do that anyway.

Richard Smith, the former CEO of Equifax, who “took responsibility” and stepped down, will get $18 million in retirement benefits.

As long as the people who responsible for making funding decisions around security are immune to the consequences of their decisions, security will suck. A few executives resigned or retired from Equifax. 150 million people will have to deal with the fallout of their insanity forever.

As if the examples of 2017 weren’t enough, it seems most companies still can’t be bothered to take security seriously. (That costs money!) Companies Failing To Address Cyber Threat: Report – ChannelVision Magazine

More than 80% of companies have inadequate IT security budgets or none at all. And over 50% say they have been breached, according to a study by security firm Cygilant.

Moreover, only 16.6 percent are very confident that they can protect customer data. Their top challenges, cited by 68%, are lack of time and budget.

Lack of time and budget. Translation: We don’t want to hire more people or spend more money. Besides, when something goes wrong it isn’t the executives of the company that pay the price. It is just the customers and the public.

They haven’t learned the lesson of Maersk Line. They lost 300 million dollars because of a cyber attack.

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One thought on “The Equifax Hack, Corporate Responsibility and Insanity

  1. I thought I would be done being annoyed by this, and other corporate computer security screw-ups. But unlike when my credit-card was stolen via hacks at Home Depot and Target and Chipotle -not in that order- I can’t just spend 15 minutes getting a new credit card from my bank. Or however long that takes.

    This doesn’t cause problems that go away in a year, or a decade. This is just a permanent problem.

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