Equifax Underestimated by 2.5 Million the Number of Potential Breach Victims

Equifax Underestimated by 2.5 Million the Number of Potential Breach Victims

Smith will also testify later at a Senate Judiciary subcommittee on privacy.

While speaking to the committee (video below), former CEO Richard Smith outlined the company's normal procedure for new patches: Have a technician install it and then scan the system for any remaining vulnerabilities.

"Equifax is making money, millions of dollars off its own screw-up and meanwhile the potential cost to Equifax are shockingly low", Warren told Smith, 57, during the U.S. Senate Banking Committee hearing.

The data breach compromised personal identifying information for more than 145 million people.

Smith offered a fresh apology for the attack, saying in his statement: "As CEO I was ultimately responsible for what happened on my watch". A more comprehensive service, a credit freeze, blocks access to credit files unless a consumer provides a personal identification number to the agency. "I am here today to apologize to the American people myself".

He said he would like to see companies fined for every account that gets breached - with penalties large enough "that even a company that's worth $13 billion would rather protect the data, and probably not collect as much data, than have to come up here and appear and say 'we're sorry'".




The review adds about 2.5 million Americans to the list of those affected by the massive cyber attack, bringing the total number of people in the US potentially impacted to 145.5 million. "As far as protection to the consumer, as far as ability to lock and unlock as opposed to freeze and unfreeze, the lock is far more consumer friendly", Smith said.

The first public notice of the security breach was released by Equifax on September, 7. "You can't pass a law that fixes stupid".

"Consumers do not have any say in whether or not Equifax collects and shares their data, and that's what makes this breach so concerning", Rep.

Customers from United Kingdom have not yet been notified with confirmation of compromised data because analysis of results is taking place locally in a joint effort with UK regulators. Credit freezes-which have been widely recommended in the wake of the Equifax breach as a way to prevent identity theft-typically cost between $3 and $10, and fees are also charged anytime a customer wants to lift or reinstate a freeze. The company said a review of the impact on British consumers was still being analyzed.

Smith noted that in addition to his departure, the company's chief information officer and chief security officer also left the company following the breach. But it's still easy to find consumers online complaining about having trouble with Equifax's website.

Rep. Bob Latta (R-Ohio) said modern online existence is nearly impossible to navigate without exposing your personal information.

Related Articles

  • Wake-Up Call: Eagles 3-1, First In NFC East

    Wake-Up Call: Eagles 3-1, First In NFC East

    The veteran signal-caller went for 347 yards and two touchdowns through the air, while doing a nice job protecting the ball. Despite their attempt at victory, today provided no exception as the Chargers continue to search for a win next week.
    Greek Court Approves US Extradition Of Suspected BTC-e Operator Alexander Vinnik

    Greek Court Approves US Extradition Of Suspected BTC-e Operator Alexander Vinnik

    On Wednesday, Vinnik told judges, "I have nothing to do with what I am accused of", The Washington Post reported . Vinnik is allowed to appeal the decision to the Greek Supreme Court, and he is expected to do so this week.
    Instagram's New Features Allows You To Poll Your Friends

    Instagram's New Features Allows You To Poll Your Friends

    The temporal nature of Instagram Stories (they're only viewable for 24 hours) makes pairing them with polls a smart idea. Once you publish, anyone who views your story will be able to vote and see the real-time results.
  • Camp near Srinagar Airport attacked

    Camp near Srinagar Airport attacked

    Meanwhile, a constable of Indian police was killed by unknown attackers in Padgampora area of Pulwama district on Monday night. He had trained his gun in the same direction, that is towards the building, as that of the forces and so no one noticed him.
    Google launches Google Home Min and Max

    Google launches Google Home Min and Max

    Google Home was the company's first stab at an Amazon Echo competitor-a smart home speaker imbued with a digital assistant. Home Max is shipping in December in the USA , with a retail price of $399, and a release in more markets coming next year.
    Range Rover Sport gets perkier SVR, plug-in hybrid

    Range Rover Sport gets perkier SVR, plug-in hybrid

    Three new alloy wheel options underline the Range Rover Sport's purposeful attitude, by accentuating its athletic stance. Performance claims for the newcomer include a 6.3 second dash to 60mph and 137mph top speed.
  • Wal-Mart goes the 'last mile' with latest acquisition

    Wal-Mart goes the 'last mile' with latest acquisition

    Walmart acquired Amazon rival Jet.com last year, and purchased online clothing retailers Bonobos and Mod-Cloth earlier this year. That's why my team spends a lot of time thinking about ways we can make deliveries faster and more convenient for customers.
    Right-wing websites ID Las Vegas shooter as Geary Danley, the wrong guy

    Right-wing websites ID Las Vegas shooter as Geary Danley, the wrong guy

    The false identification of Danley as the suspected shooter wasn't the only hoax that spread overnight Sunday into Monday morning. As of press time, Google has not responded to Ars' request to confirm the legitimacy of this reposted e-mail.
    Bangladesh says Myanmar makes proposal to take back Rohingya refugees

    Bangladesh says Myanmar makes proposal to take back Rohingya refugees

    Three groups of diplomats were taken to three different areas Monday, said Ye Htut, district administrator of Maungdaw in Rakhine. At the same time, Bangladesh has been pushing Myanmar to take back the refugees.
  • FBI Hopes Paddock's Girlfriend Can Provide Insight Into Las Vegas Attack

    FBI Hopes Paddock's Girlfriend Can Provide Insight Into Las Vegas Attack

    The family said Marilou was a "wonderful" person and described her as kind and giving, adding that they hadn't heard from her. Paddock sent the money to an account before setting up a sniper's nest on the 32nd floor of the Mandalay Bay hotel on Sunday.
    Law amended to elect a certain person as party president: Khurshid Shah

    Law amended to elect a certain person as party president: Khurshid Shah

    In an indirect attack on the judiciary, Sharif said PML-N members knew the reasons behind his disqualification. The new law will allow a disqualified legislator to acquire the position of the head of a political party.
    After Congress's protest, Rahul allowed to visit Amethi

    After Congress's protest, Rahul allowed to visit Amethi

    The administration was ready for his visit on the original dates as the Congress MP wanted to stick to his schedule, Kumar said. Hence, there will be great inconvenience in maintaining peace.