Credit reporting firm Equifax says data breach could potentially affect 143 million US consumers

"Judge says Massachusetts can sue Equifax over breach

A Massachusetts judge has cleared the way for the state to sue Equifax over the massive data breach that the credit reporting firm disclosed last year.

...[The Judge] denied a motion by Equifax to dismiss the lawsuit brought against it by Massachusetts Attorney General Maura Healey,..

She [AG Healey] alleged that the credit reporting firm ignored clear cybersecurity vulnerabilities for months and failed to safeguard personal information on nearly 3 million Massachusetts residents. She also accused the firm of waiting too long to disclose the breach..."

http://thehill.com/policy/cybersecurity/381675-judge-says-massachusetts-can-sue-equifax-over-breach

 

Children under 18 usually do not have a credit file. They can not apply for credit. That does not mean that a credit file does not exist in their name. It is too late when they apply for a driver's license and find out that one already exists (their name, their address) and with outstanding violations.

https://www.equifax.com/personal/education/identity-theft/child-identity-theft/

It is the abuse of social security numbers that is at the core of the problem - it continues even after the Equifax breach. If your kid's social security number falls into the wrong hands, it can be used by someone else to open accounts.

Currently nearly half the states in the U.S. have laws mandating that a bureau creates a credit file for a minor, according to the U.S. Public Interest Research Group.

 

"Equifax board members re-elected despite massive data breach

Investment adviser had recommended voting against directors...

CtW Investment Group, an adviser to union pension funds that are invested in Equifax , in a letter to the company’s shareholders in April advised against the re-election of the three board members, who CtW said failed to act on repeated warnings of cybersecurity issues at Equifax before its breach..."

https://www.marketwatch.com/story/e...lected-despite-massive-data-breach-2018-05-03

 

"FTC names lawyer who represented Facebook, Equifax as consumer protection chief...

...[The] Federal Trade Commission (FTC) has tapped as its consumer protection chief an industry lawyer who has represented companies like Facebook and Equifax, both of which are under investigation by the agency for mishandling user data...

In October, Smith testified before the Senate Banking Committee on behalf of the credit reporting industry as the panel investigated an Equifax data breach that compromised more than 145 million people. The FTC also revealed last year that it was investigating the incident..."

http://thehill.com/policy/technolog...-represented-facebook-and-equifax-as-consumer

 

"New Law Will Let Consumers ‘Freeze’ Credit Files Without Charge...

...the Economic Growth, Regulatory Relief and Consumer Protection Act,...

...will allow consumers to “freeze” their credit files at the three major credit reporting bureaus — Equifax, Experian and TransUnion — without charge. Consumers can also “thaw” their files, temporarily or permanently, without a fee..."

https://www.nytimes.com/2018/06/01/your-money/credit-freeze-new-law.html

 

"SEC brings second insider-trading case over Equifax data breach

The Securities and Exchange Commission and a parallel criminal action has been brought against Sudhakar Reddy Bonthu, a former Equifax software engineering manager, for allegedly trading on inside information of the company's data breach. That's the second insider-trading case on the Equifax breach the SEC has brought.

According to the complaint, Bonthu violated company policy when he traded on the non-public information by purchasing Equifax put options. Less than a week later, after Equifax publicly announced the data breach and its stock declined nearly 14%, Bonthu sold the put options and netted more than $75,000, the SEC said. He was terminated by Equifax in March after not cooperating with the company's internal investigation..."

https://www.marketwatch.com/story/s...ding-case-over-equifax-data-breach-2018-06-28

 

Equifax's Security Overhaul, a Year After Its Epic Breach
July 25, 2018
https://www.wired.com/story/equifax-security-overhaul-year-after-breach/

 

Equifax Gets Maximum U.K. Privacy Fine Over Cyberattack Lapses
September 20, 2018
https://www.bloomberg.com/news/arti...imum-u-k-privacy-fine-over-cyberattack-lapses