Is Equifax's Cyber Insurance Enough to Cover Breach?

Is Equifax's Cyber Insurance Enough to Cover Breach?

Is Equifax's Cyber Insurance Enough to Cover Breach?

In the wake of the hacking last week of US consumer credit reporting agency Equifax Inc., security experts bemoaning are calling for big changes, including big penalties for the data brokers that hold so much information critical to everyone's financial life.

Equifax, one of the nation's largest credit reporting agencies, announced it had experienced a cybersecurity incident on September 7.

Hackers had access to Social Security numbers, birth dates, addresses, driver's license numbers, credit card numbers and other information. The latest data breach at Equifax is expected to have a lasting impact as criminals can use the stolen resources for opening new accounts, applying for credit cards or loans, buying insurance, renting an apartment or even make tax frauds. Another high-profile firm, Hagens Berman Sobol Shapiro LLP, is investigating the Equifax case for possible insider selling, option activities and securities law violations, according to an announcement.

The free-credit-score website, WalletHub has some tips for how potential victims can keep their financial information safe as well.

Equifax did not immediately respond to requests for comment. It's not unusual for USA authorities to ask a company hit in a major hack to delay public notice so that investigators can pursue the perpetrators.

While Equifax allowed consumers to see whether their data was leaked - and free enrollment in its credit monitoring program for one year - Salas is demanding the company "engage in targeted outreach".

Equifax itself provides identity theft protection, and offered 12 months of that service for free to USA customers, albeit with the condition that not sue the company and instead agree to one-to-one arbitration.

"Will we be reimbursed for having to pay for credit freezes?" one consumer wrote to Equifax on Twitter "I did 4 over the weekend, I do not think that I should have to pay for it!" "I apologize to consumers and our business customers for the concern and frustration this causes", CEO Richard F. Smith said. The company is facing huge customer criticism, while cybersecurity companies are questioning its preparedness and response to this massive data breach.

"This really undermines their credibility", Litan said. You can place an alert on your report for free by contacting one of the credit agencies, which is required to notify the other two.

Gamble sold more than 13 percent of his stake in Equifax.

Mark Mattioli, Chief of Montana's Office of Consumer Protection, said the reason why Equifax suffered its data breach are not as important as what Montanans must now do to ensure that their own personal information is protected.

Gamble sold shares worth $946,374 on August 1 and Joseph Loughran, president of USA information solutions, exercised options to dispose of stock worth $584,099, regulatory filings show. Bloomberg News first reported the divestitures. A few days after the data hack was discovered, they sold $1.8 million in shares of stock in the company. As consumers registered and moved to lock their credit reports-in order to prevent anyone who had stolen data from opening credit in their name-they found that the security personal identification number (PIN) provided in the locking process was potentially insecure.

Equifax changed the language around the system to check whether you've been hacked or not, but the backlash is still unfurling.

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