Published: Thu, October 12, 2017
Global News | By Stacy Ballard

US Senator Warren criticizes Equifax potential to profit from breachReuters

US Senator Warren criticizes Equifax potential to profit from breachReuters

"Equifax didn't have a reason to care" about protecting the data, she said.

Given Equifax's recent track record, Grassley said he and other members of Congress are concerned.

Additionally, Equifax says that an investigation into how many United Kingdom consumers were affected by the breach is being analyzed in the United Kingdom.

Equifax first notified the public of the security breach on September 7, though it said the unauthorized access is thought to have happened from May 13 to July 30, with Equifax's security team catching the hack on July 29.

At the hearing in Washington on Tuesday Mr Smith said it took the firm weeks to establish the extent of the attack after it identified suspicious activity in July.

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It determined that approximately 2.5 million additional USA consumers were potentially impacted, for a total of 145.5 million.

The update late on Monday also saw Equifax downgrade the number of Canadian citizens who may have been affected, previously estimated at up to 100,000, to about 8,000.

The massive data hack compromised the names, addresses, birth dates, and Social Security numbers of 145 million Americans.

He said that the following day, Equifax disseminated the notification internally by email, requesting that personnel responsible for an Apache Struts installation upgrade their software.

Rep. Greg Walden, the Republican chairman of the House subcommittee, pledged Tuesday to hold Equifax and Smith accountable.

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"I don't think we can pass a law that, excuse me for saying this, fixes stupid", Walden replied.

Smith also said the sales occurred after quarterly earnings were reported, which is a common practice within the company.

"It's like the guards at Fort Knox forgot to lock the doors and failed to notice the thieves were emptying the vaults", Walden said.

Smith said he would expect Equifax to "cooperate" with "particular legislation that arises out of this horrific breach".

Smith was testifying before the Senate Committee on Banking, Housing and Urban Affairs.

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Equifax Inc.'s former Chief Executive Officer Richard Smith drew wrath from lawmakers on both sides of the aisle over stock sales initiated by three of his former deputies just days after the company learned of a potential hack.

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