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Business

Senate banking panel to grill Equifax CEO

By
Max Jaeger
Published Sep. 21, 2017, 1:08 p.m. ET

Credit bureau Equifax’s own reputation will be up for review when its CEO goes before a Senate panel to explain how the company allowed hackers to steal the personal information of 143 million American consumers.

The Senate Banking Committee has called CEO Richard Smith to testify Oct. 4 and detail why the company allowed a known cyber-security weaknesses to persist and then dragged its feet revealing its servers had been compromised for five months.

Between March and July 29, invaders had access to the names, addresses, social security numbers and other personal data of 143 million Americans — more than half the nation’s adult population.

The company blamed the security failure on a glitch that employees incorrectly believed they patched earlier this spring. Officials claim they finally shut out the intruders July 29, but they did not report the massive breach to the public until Sept. 7.

Equifax initially claimed the hack started in May, but later revealed that intruders had been hiding in their servers since March after a company source blew the whistle to Bloomberg.

Separately, Gov. Andrew Cuomo said Monday he plans to subject national credit-reporting agencies to the state cyber-security laws or bar them from doing business in New York, according to Reuters.

The laws, which went into effect March 1, require companies to take special precautions with sensitive data and report breaches to regulators.