Published: Wed, October 04, 2017
Markets | By Lucia Cruz

Former Equifax CEO to testify before Congress Tuesday

Former Equifax CEO to testify before Congress Tuesday

Lawmakers from both parties questioned Smith on his role at the embattled credit reporting agency and indicated that tighter data security standards are long overdue. "To each and every person affected by this breach, I am deeply sorry that this occurred".

"Talk about ham-handed responses, this is simply unacceptable", said Rep. Greg Walden, R-Ore.

Smith confirmed at the hearing that intruders were able to penetrate the company's network by exploiting a known vulnerability that Equifax had failed to patch.

Smith said the employee responsible for communicating that vulnerable software needed to be patched didn't do so.

The former chief executive at Equifax tells lawmakers that the sale of company stock by senior executives in early August was unrelated to the data breach at the company. Smith said the three "honorable men" did not know about the breach at that time.

The former Equifax chief executive declined to directly answer whether Equifax suspects a nation state was involved in the breach.

Aaron Jones, Jamaal Williams Updated Fantasy Impact After Ty Montgomery Injury
Montgomery's backup, Jamaal Williams , was also ruled out of the game after sustaining a knee injury in the second quarter. He's believed to be day-to-day and may even be in the Packers' starting lineup when they travel to Dallas next Sunday.

Iowa Mom Left 4 Preteens Home Alone While She Vacationed in Europe
Police discovered that Macke left the US a day earlier and wasn't set to return until October 1, the Register reported. The kids were alone for only one day, but police say Macke was planning on leaving her children alone for 10 days.

We are not understanding again: Kylie Jenner is err, 5 months pregnant
TMZ added that its sources say Scott has been telling his friends the news in private over the last two months. However, ratings for Life of Kylie were less than impressive, reportedly due to the lack of drama on the show.

"I think it's time to put some teeth into this", Barton said.

Equifax said last month that its computer systems were hacked between May 13 and July 30.

Along with security lapses, Equifax is under scrutiny over its response to widespread outrage over the incident and possible insider trading, The Washington Post reported.

Late on Monday, Equifax said an independent review had increased the estimate of potentially affected US consumers by 2.5 million to 145.5 million. A more comprehensive service, a credit freeze, blocks access to credit files unless a consumer provides a personal identification number to the agency.

That means that the Social Security numbers, names, addresses and other personal information of as many as 145.5 million people are at risk of being used by crooks. Security experts have warned that the long-term consequences of the hack will be hard to fully discern. Reports quickly surfaced that several Equifax executives had sold an unusual amount of stock after the company discovered the breach but before it was made public.

Smith said he was notified on July 31 that "suspicious activity had occurred", after security personnel had already disabled the web application and shut down the hacking. Then Smith, the former chief executive, said that he, too, would step down. Smith will also testify in two other congressional hearings during the week. It's not clear whether the company's attempts at reform will preempt new cybersecurity regulations backed by some lawmakers. Smith was the lone witness at the first of several Capitol Hill hearings this week. He said he was alerted the following day, but was not aware of the scope of the stolen data. Echoing the concerns of their constituents, many lawmakers stressed their unease with Equifax's delayed disclosure. The company waited until September to announce that the vital personal information of at least 143 million people had been exposed.

Like this: