Equifax also hired a new chief security officer.īut outside, the difference is hard to notice. The Securities and Exchange Commission charged a former Equifax executive with insider trading after he made millions selling shares before the public knew about the attack. Three weeks after the breach became public, Smith stepped down. Inside the company, there have been major changes. Equifax and other big credit reporting agencies keep profiting off a business model that rewards their failure to protect personal information. It's been 365 days, and it remains unclear when those great days will arrive. "In the process, we will build a stronger company, with many great days ahead." "Together we will serve our customers, support consumers and strengthen our data security capabilities," Smith said in the video. Consumers raged over social media, specifically about how broken Equifax's website was as millions of people tried to find out if they were affected by the breach. Shortly after the disclosure, then-CEO Rick Smith apologized in a video. Even a year later, lawmakers are frustrated that the company hasn't faced any legal repercussions, even as a new team at Equifax tries to win back the nation's trust. The sheer scale of affected Americans - many of whom had never signed up with the credit-monitoring service - marked a new low at a time when hacks had grown to be an increasingly common occurrence. While plenty of breaches have been announced since then, few have touched a nerve like the Equifax breach. It was a Thursday afternoon when Equifax explained that hackers infiltrated its network and stole customer names, Social Security numbers, birthdates and addresses, affecting more than half the US population. CNN Sans ™ & © 2016 Cable News Network.Talk about your unhappy anniversary: A year ago today, Equifax disclosed that hackers stole the personal information of 147.7 million Americans from its servers. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Your CNN account Log in to your CNN account In September 2017, Equifax disclosed that hackers had exploited a security flaw to gain access to the company’s customer data. The data breach was the largest in history The deadline to exclude yourself or opt out of the settlement process is November 19, and all claims need to be filed by January 22. Equifax has a website where you can find out whether your personal information was exposed. You can file a claim through Equifax’s data breach settlement page. If you can provide documentation about your time spent grappling with the fallout of the data breach, you can get paid $25 per hour for up to 20 hours of personal time spent. If you already have credit monitoring, you can choose to receive $125.įor those who had to spend time and money as a result of the breach, Equifax can provide larger sums, up to $20,000.Īccording to the FTC, those losses can include unauthorized charges on your accounts, attorney or accountant fees, the cost of freezing or unfreezing your credit report, or the cost of credit monitoring. Have questions about the Equifax breach? We’ve got answers. The Federal Trade Commission ruled Monday that credit reporting agency Equifax will have to pay up to $700 million in individual compensation and civil penalties because of the hack.Īccording to the commission’s online claims process, those whose personal information was exposed can get free credit monitoring for 10 years: four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax. If you’re among the 147 million Americans whose credit data was compromised in the 2017 Equifax data breach, read on.
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