Key U.S. senators asks for answers on Equifax hacking

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Two main senators of the U.S. this week ordered Equifax Inc. to respond to detailed queries regarding a breach of data impacting almost 143 Million people in the U.S., comprising whether the government agency records of the U.S. were negotiated in the assault.

The Senator who heads the Finance Committee, Orrin Hatch, and Ron Wyden, the ranking Democrat, also ordered that Rick Smith, Chief Executive of Equifax, give details of the time of the breach and its detection. They ordered for data on the company’s board and authorities were informed and when 3 executives who traded share in August in the company were first informed of the data breach.

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Equifax did not instantly respond to a request for question on the letter. It came in the middle of rising scrutiny of the response of the company to the breach from regulators, policy makers, and security experts. This prompts the credit-monitoring firm to subject an apology this week and promise to offer additional resources in assisting impacted users. “The scale and scope of this breach seems to make it one of the biggest in the history, and sensitivity of the data negotiated might make it the most expensive to consumers and taxpayers,” the letter claimed.

Equifax declared last week that it got to know on July 29, 2017 that hackers had breached its networks in mid-May, pilfering birthdays, names, Social Security numbers, addresses, and driver’s license numbers. Experts in cyber security claimed that it was amid the biggest data hacks ever posted and was chiefly troubling owing to the sensitivity of the data breached.

 

Three days post Equifax found the breach, 3 top executives of Equifax, comprising John Gamble, the Chief Financial Officer, and a president of a department, exercised options to dispose of stock or sold Equifax shares worth almost $1.8 Million, regulatory filings exposed. Equifax last week claimed in a statement that the managers were not aware that  breach had taken place when they traded their stakes. Wyden and Hatch requested Smith to answer by next month. Other congressional groups have declared plans to conduct hearings examining the Equifax intrusion and need answers.

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