Former Equifax CEO to testify before Congress Tuesday

Screen Shot 2017 10 03

"I was advised Sunday that the analysis of the number of consumers potentially impacted by the cybersecurity incident has been completed, and I directed that the results be promptly released", said interim chief executive Paulino do Rego Barros Jr. He claims to have warned all the members of the board of directors on the 24 and 25 August. Barros will also receive a one-time grant of $1.5 million in Equifax stock and will be eligible for at least $372,000 in additional compensation for performance.

The lawmakers could barely mask their anger as they pressed Smith on why the company's data security practices were inadequate, given the mass amounts of personal data the company handles. "Most Americans really don't know how much information" the companies have, Schakowsky said. He said he was alerted the following day, but was not aware of the scope of the stolen data.

In his written testimony, Smith blamed the breach on "human error and technology failures" and said the company was a victim of "a massive theft".

Democrats have introduced a flurry of legislation in response to the breach.

Legislation to avert future data breaches like the one at Equifax Inc. will fall short because none can fully prevent human error, a US congressman told the company's former top executive.

USA lawmakers are due to question the former head of Equifax Inc at a Tuesday hearing that could shed light on how hackers accessed the personal data of more than 140 million consumers.

A company employee failed to tell the information team a software vulnerability that hackers could exploit should be fixed, Smith said.

27 years later, woman charged in fatal shooting by clown
Neighbors told police Michael Warren was a frequent visitor to Keen's apartment, the Miami Herald reported in September 1990. He did serve time in prison for grand theft, racketeering and odometer tampering, connected to a used auto business.

Rep. Frank Pallone, D-N.J., says that if Equifax wants to stay in business, its entire corporate culture needs to change to one that values security and transparency.

Richard Smith, who retired last week, apologised repeatedly for the breach.

It's the first of several appearances taking place this week before House and Senate panels.

He also told the panel - again, several times - that the company was offering a suite of products that allowed people whose data had been exposed to monitor their credit file. He said the company has increased its number of customer service representatives and the website has been improved.

Smith said he learned about the problem on July 31 from the company's chief information officer.

The former chairman and CEO of Equifax says the challenge of responding to the concerns of tens of millions of consumers after a massive data breach proved overwhelming, and regrettably, mistakes were made.

Smith's testimony Tuesday before a House subcommittee is just the start of his time on Capitol Hill this week; he'll be testifying before three more committees. Starting in January, any U.S. consumer will be able to lock and unlock their Equifax credit report from a mobile app.

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