Criminal investigation into Equifax data breach underway

Criminal investigation into Equifax data breach underway

Credit rating giant Equifax has swapped out its chief security and chief information officers following the growing data breach scandal that saw sensitive information on 143 million people being leaked.

Fox is demanding that Equifax take steps to reimburse consumers who already paid fees to completely freeze their credit.

Last week, the company said it would waive all fees until November 21 for people who want to freeze their Equifax credit files.

While the breach was discovered by Equifax in July it was not publicly reported until September 2017.

"Equifax complied fully with all consumer notification requirements related to the March incident", Equifax said in a statement.

Customers who think they may have been affected can contact the United States compnay through a designated website, however the crisis will only increase now there's been a second known breach announced. The company didn't immediately respond to requests on Monday for more information about its encryption practices.

The revelation of a March breach will complicate the company's efforts to explain a series of unusual stock sales by Equifax executives. But the millions of Americans whose personal data the company stockpiles to power its services are not technically customers of the company, and so it did not inform them. The Securities and Exchange Commission is working with prosecutors on the investigation into stock sales, according to another person familiar with the matter. And, because Equifax retains bigger clients in NY, they are governed by DFS NYCRR rules, which dictate 72 hours for breach reports - again, not weeks.

Equifax said hackers had access to Social Security numbers, birthdates, addresses, driver's license numbers, credit card numbers and other information.

On 7 September the firm disclosed that hackers had accessed the personal details of millions of individuals, including 143 million United States citizens and about 400,000 British citizens.

The credit data company also released a detailed, if still muddled, timeline of how it discovered and handled the breach.

Equifax said Tuesday that as many as 100,000 Canadians may have been impacted by the breach.

Mississippi Attorney General Jim Hood is warning about scams tied to the Equifax security breach. We can talk about how an outside company like Mandiant works. Equifax claims the executives did not know about the data breach when they sold their shares. Beyond that, this sort of information should be protected by more than one defensive tool to provide defense-in-depth.

Mandiant was reportedly engaged to investigate the March breach and could have begun concluding its investigation just before the second breach occurred in May. Others want a full assessment that encompasses their entire computer network and could include the identification of existing security vulnerabilities.

There are serious questions about when the company found out about the breach and when it notified consumers.

Regulatory filings don't show that the transactions were part of pre-scheduled trading plans. The U.K. consumer data ended up in the US due to a "process failure" that led to a limited amount of the British data being stored in the USA between 2011 and 2016, at which point Equifax says it fixed the problem. When you get your credit score in the mail each month, Equifax appears at the upper right of the statement. The Democratic governor announced Monday that he's directed the state Department of Financial Services to issue new rules requiring credit reporting agencies to register in NY for the first time and to comply with the state's cyber security standards. The three executives sold shares worth nearly $1.8 million in early August.

If the two hacks are unrelated it could be that different hacking teams had different goals. It is very common and used many major websites. The other credit bureaus, Experian and TransUnion, are continuing to charge for credit freezes.

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