Published: Wed, September 20, 2017
Tech | By Constance Martin

Equifax data breach results in C-Level resignations

Equifax data breach results in C-Level resignations

Canada's privacy commissioner said Friday that it started a probe into the cyberattack and Equifax has committed to contacting Canadians whose data may be at risk in writing as soon as possible. "The two events are not related".

US Senator Elizabeth Warren kicked off a new round of attacks on Equifax over the weekend by introducing a bill along with 11 other senators to allow consumers to freeze their credit for free.

Bloomberg was first to report earlier this month that three Equifax executives - Chief Financial Officer John Gamble, President of U.S. Information Solutions Joseph Loughran, and President of Workforce Solutions Rodolfo Ploder - sold stock in the company totaling almost $2 million in the days after the breach was discovered on July 29. "The March event reported by Bloomberg is not related to the criminal hacking that was discovered on July 29".

The company has said that the executives did not know about the breach at the time they made the sales.

Equifax is already facing criticism for the long delay between the May breach and its revelation to consumers that their data had been stolen, which came four months later.

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"This is about making sure companies like Equifax do right by the consumer, by restoring trust, security, and privacy to millions of Americans", Sen.

The hack is also being investigated by the Federal Trade Commission, and has prompted promises for inquiries in both the Senate and House of Representatives.

"Equifax's internal investigation of this incident is still ongoing and the company continues to work closely with the FBI in its investigation", the company stated.

A wide range of sensitive and valuable information was exposed in the colossal Equifax data breach, including addresses, date of birth, driving license details and social security numbers.

If the executives sold the shares with knowledge that a breach had occurred that could damage the company's stock price they would be guilty of insider trading. The flaw had been discovered and fixed by Apache in March, but Equifax had not applied the patch to its own systems by May.

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