Legal Documents Summary Equifax, one of the three largest consumer credit reporting agencies in the United States, announced in September that its systems had been breached and the sensitive personal data of million Americans had been compromised.
Equifax was likely aware of the associated risks and widespread attacks involving the vulnerability, yet did not take the proper steps to secure their systems which resulted in the breach and subsequent release of personal data of more than million individual consumers and more than 88 million businesses worldwide.
Risk over governance
EPIC recently testified in the Senate for strong data breach legislation that would require companies to immediately notify affected consumers of data breaches. However, the bill preempts stronger state laws and does not adequately protect personal information.
Case Study: Equifax Australia
In the weeks following the news about the data breach, Equifax attempted to help customers by creating a website to deal with questions and provide free credit monitoring which ended up being riddled with vulnerabilities and was further criticized by the media until it was taken down Now what As more news about the incident is uncovered, Equifax is being labelled by many as negligent with lawsuits and legal actions pending.
The Senators also admonished Director Mulvaney for his recent suggestion that he would end public access to the CFPB's complaint database.
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For too long, organizations have whittled away at prudent security protocols like testing, implementing, and monitoring because they believe the steps will take a chunk out of revenue. The Consequences The reputational damage to Equifax and the credit checking industry as a whole has certainly suffered.
This includes organisations whose only connection to Equifax is that they work in the same sector. The agency will require free credit monitoring for all active service members, following legislation enacted last year. The firm announced the data breaches late last week.
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With credit freezes in place, impulse purchases may slow down, thereby slowing economic growth. One example of this is the system that they provided to check if details had been compromised a good idea in its intentionsthis required more personal information than was ideal to be passed to another site, which is concerning.
The agency will require free credit monitoring for all active service members, following legislation enacted last year. How would I summarise the lessons that your organisation should learn from the Equifax breach?
But the questionable behavior continued; Equifax continued to denigrate their brand and customer trust by appearing amateurish in their attempts to remedy the hack. How would I summarise the lessons that your organisation should learn from the Equifax breach?
While no data breach should be taken lightly, some are more serious than others by the nature of the information or systems at stake.
Following the Equifax data breach in , EPIC President Marc Rotenberg .. The Federal Trade Commission reported , cases of identity theft in the. The breach: Between mid-May and July hackers accessed data held by Equifax through a publicised vulnerability in a web applica on.
Share Trading In early August, almost three months after the start of the main breach and a month before the public would be made aware of the incident, three senior executives the CFO, president of U. The solution was a simple security patch. Going on the evidence alone I would say that it certainly did not live up to the expectations that I would have for my clients, for the primary reasons that while Equifax hired cybersecurity specialists to deal with the May-June breach, the actions taken after the March incident seem to be wholly inadequate, with the incident being largely ignored.
Much has been written (and will continue to be written!) about the Equifax security incident. Labelled the largest corporate data breach in history, when Equifax. The Equifax data breach revealed a massive break in customer trust. Learn what the company did and what they could have done differently to.
Customers were left scrambling to find out whether or not they were affected and to what degree. The database has helped expose wrongdoing by numerous financial institutions-including failures by Equifax following its data breach, as detailed in a report just released by three Senators.
It is also important to mention that this confusion came several months after Equifax had discovered the breach. There have been larger security breaches by other companies in the past, but the sensitivity of the personal information held by Equifax and the scale of the problem makes this breach unprecedented.
The incident is currently under investigation by numerous agencies which have requested the cooperation and detailed information from Equifax. For the purposes of filing a lawsuit, EPIC said courts should focus on whether companies have violated a legal obligation such as safeguarding personal data, including credit card information.
EPIC - Equifax Data Breach
In the case of the massive data breach, Equifax lost that gamble badly. The requirement is also part of the European data protection GDPR and breach reporting requirements that come into place in May We do not yet know who launched the attack.
The main data breach occurred in May and June. In an amicus brief joined by legal scholars and technical expertsEPIC defended the FTC's "critical role in safeguarding consumer privacy and promoting stronger security standards.
The plan is likely to be adjusted with the severity of the breach with guidance on how this should be achieved and included as part of the communications plan. The Homework kiarostami According to the post-breach analysis, Equifax was initially hacked in March: The data included names, e-mail addresses, phone numbers, and the license numbers ofdrivers.
Case study: Equifax data breach, EPIC filed an amicus briefjoined by leading technical experts and legal scholars, defending the FTC's "critical role in safeguarding consumer privacy and promoting stronger security standards.
The equation is simple: Risky motives While financial profit from the sale of sensitive data is a simple primary motive, what it if is not? EPIC President Marc Rotenberg recently testified on data security and breach notification before the House and Senateexplaining that companies' failure to protect data threatens not only consumers but also national security.
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In the case of the massive data breach, Equifax lost that gamble badly. Equifax is a perfect case study for this problem: The company had great revenue. Examining the cause of and response to the data breach at Equifax that exposed the information of over million consumers.
The emails reveal that the CFPB was contacted by a Reuters reporter days before the article alleging the CFPB halted the Equifax investigation was published to confirm certain facts about the story. Just this week, Experian, another of the big three credit agencies hospitality business plan sample been sucked into the vortex of this breach.
The SEC stated that "in light of the increasing significance of cybersecurity incidents," it is "critical" for companies to routinely report cybersecurity threats.
The Senate thus far has not addressed these concerns. The credit card numbers of approximatelyconsumers were also breached.
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Lesson 4 — Privacy and Security by Design The system that caused the challenges for Equifax was not a major system at the heart of their network, it was offering a simple service. How did this happen Equifax confirmed that the attackers gained access to their systems mid-May through a weakness in a web-application.
Once a security patch has been released by a vendor, the details of the issues that it is fixing are very often reverse engineered by bad actors so that they can search for machines that have not yet been updated.
Equifax cwu thesis six weeks to notify the public of its data breach, and its executives were accused of insider trading after it was revealed that they sold Equifax stock prior to informing the public of the breach. An incident response plan is becoming a mandated required requirement.
The law also requires that the state Attorney General be notified in the event of a breach. Next read this.
For too long, organizations have whittled away at prudent security protocols like testing, implementing, and monitoring because they believe the steps will take a chunk out of revenue. In testimony before the Senate and House following the Equifax data breach, EPIC recommended credit freezes and free credit monitoring services.
House Oversight Committee: As a minimum, the communications plan should identify the frequency hourly, daily, weekly etc. A flood of credit freeze requests is equal to an attack on the credit system, since this country runs on credit.
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There is, however, enough information available for those on the outside of the organisation to observe the lessons that can why do we make so much of gender thesis should be learnt. What Makes the Equifax Different Understanding and knowing what is different about Equifax helps in appreciating the value of the lessons that it has to teach us, so here are some high-level facts.
Lesson 5 — Patch, Patch and Patch Some More While information about the cause of the data breach are not fully public and may never be made so, what has been released suggests that the web server that was compromised had software on it architecture thesis pdf mapua had not been updated or patched. The website itself had a domain name that looked suspicious www.
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There is not enough information in the public domain to determine in this case, but if Equifax had put itself through an external cybersecurity assessment some of the shortcomings would have been identified. To make matters worse The media and public alike were quick to criticize Equifax citing a lack of transparency as it took the company nearly two months to notify the public of the breach and even then, it was not precisely clear as to what data was impacted.
The House Committee recommended that Equifax "provide more transparency to consumers" about data use and security practices and reduce the use of social security numbers as identifiers, longstanding priorities of EPIC.
Selection from Risk Management for Cybersecurity and IT Managers [Video]. Equifax, a consumer credit reporting agency, made headlines this month when a massive security breach began unravelling with the public.
The web application in question was the Apache Struts framework. Case Study: However, in light of the intense public interest and the potential impact of this matter, I can confirm that FTC staff is investigating the Equifax data breach.