Equifax, the latest company to be embroiled in a massive data breach, is facing questions from two top U.S. senators on both sides of the aisle.
According to a report in Reuters, Senator Orrin Hatch, Chairman of the Senate Finance Committee, and ranking Democrat Ron Wyden want the CEO of Equifax, Rick Smith, to provide a timeline of the breach event. Specifically, they want information on when the breach happened, when the board and authorities were alerted and when the three executives who sold shares in August were notified. One of those executives is the CFO of the company.
Backlash is mounting, particularly since a report surfaced that the three executives sold their shares immediately after the company discovered the cyberattack. “The scope and scale of this breach appears to make it one of the largest on record, and the sensitivity of the information compromised may make it the most costly to taxpayers and consumers,” the letter to Equifax’s CEO stated, as Reuters reported. Citing regulatory filings, Reuters previously reported that the executives sold the shares, which were worth around $1. 8 million, three days after the breach was discovered.continue reading »