February 07, 2018

American Banker: Equifax misled public on data breach, Warren claims

Equifax's cybersecurity regime was grossly inadequate and the company misled the public about the removal of data from its systems during a hack last summer, according to a report by Sen. Elizabeth Warren.

The Massachusetts Democrat released the 15-page report on Wednesday as part of an effort to gain backing for legislation to rein in the credit bureaus. The report claims that hackers removed, rather than simply accessing, the Social Security numbers, addresses and birth dates of 145 million consumers.

"After months of investigation, our office finally learned that hackers exfiltrated - not just accessed - the data of millions of Americans," the report stated. "Rather than just having access to the data, this means the hackers removed the data from the Equifax system and potentially has access to it forever. Equifax failed to make this distinction in any of its public statements, effectively misleading the American people."

Read the full article on the American Banker website here.

By:  Kate Berry
Source: American Banker