The Equifax hack…one year later

Article Excerpt

Equifax (New York symbol EFX) is a leading consumer credit reporting agency. It collects information on over 800 million consumers and more than 88 million businesses worldwide. It also provides database management, fraud detection, business credit and analytical services. On September 7, 2017, Equifax reported a major cybersecurity incident, affecting 143 million consumers in the U.S. The breach revealed the names, social security numbers, birth dates and addresses of almost half the U.S. population. It also compromised the credit card numbers of 209,000 consumers and the personal identifying information of 182,000. Following announcement of the breach, the market value of the company plunged by 35% ($5.5 billion). Equifax’s CEO resigned on September 26, 2017, less than three weeks after the breach was made public. The company recently said that the breach would cost roughly $300 million in one-time costs of which $200 million would be spent on improving the security of its database infrastructure. Insurance would cover about $75 million of those costs…

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