Equifax Hack Pt.3: What To Expect Next
In Case You Missed It…
On Sept 7, 2017, Equifax announced they were victims of a security breach. In case you missed the news, you can learn all about it on our First Post this week. If you are concerned you may be affected, you can find out more on our last post.
Their CEO at the time of the hack, Richard Smith, stepped down on Tuesday Sept 26. Interim CEO Paulino do Rego Barros Jr. released a statement through the Wall Street Journal. He clearly apologizes, addresses some concerns, and outlines his plans to correct course going forward.
Paulino do Rego Barros Jr. pledged to improve the service at call centres, increase hiring and training. In addition, he vowed to introduce a free service by Jan. 31 that will let consumers control access to their own credit records. This is a new approach for the company, which is now encouraging active credit management for their consumers.
Many within the industry expect the company to weather the storm. Experts figure it is highly unlikely that any regulatory body would shut Equifax down over this breach. It is likely to be considered too central to the American financial system, despite the negative press.
We will all spend the next few years watching this unfold. There is no magic remedy that will re-secure everyone’s information. Once the cat is out of the bag, there is only so much we can do to protect ourselves. Anyone affected faces the possibility of having fraudsters apply for credit in their name. They would have to alert their various financial services providers and possibly even apply for a new social insurance number.
We live in the age of big data. There are going to be hacks again in the future. Social Security is not secure. Millions of people were affected by what was described as a “relatively easy hack.” The only solution is to remain vigilant. By taking an active roll in managing your credit, you can ensure that you will be aware of any suspicious activity. Once you are aware, you can then take the proper steps the rectify the situation.
To read to full article, check out the RECI Blog Post!
In Case You Missed It…
On Sept 7, 2017, Equifax announced they were victims of a security breach. In case you missed the news, you can learn all about it on our First Post this week. If you are concerned you may be affected, you can find out more on our last post.
Their CEO at the time of the hack, Richard Smith, stepped down on Tuesday Sept 26. Interim CEO Paulino do Rego Barros Jr. released a statement through the Wall Street Journal. He clearly apologizes, addresses some concerns, and outlines his plans to correct course going forward.
Paulino do Rego Barros Jr. pledged to improve the service at call centres, increase hiring and training. In addition, he vowed to introduce a free service by Jan. 31 that will let consumers control access to their own credit records. This is a new approach for the company, which is now encouraging active credit management for their consumers.
Many within the industry expect the company to weather the storm. Experts figure it is highly unlikely that any regulatory body would shut Equifax down over this breach. It is likely to be considered too central to the American financial system, despite the negative press.
We will all spend the next few years watching this unfold. There is no magic remedy that will re-secure everyone’s information. Once the cat is out of the bag, there is only so much we can do to protect ourselves. Anyone affected faces the possibility of having fraudsters apply for credit in their name. They would have to alert their various financial services providers and possibly even apply for a new social insurance number.
We live in the age of big data. There are going to be hacks again in the future. Social Security is not secure. Millions of people were affected by what was described as a “relatively easy hack.” The only solution is to remain vigilant. By taking an active roll in managing your credit, you can ensure that you will be aware of any suspicious activity. Once you are aware, you can then take the proper steps the rectify the situation.
To read to full article, check out the RECI Blog Post!