The Fallout From The Pwning Of Equifax Begins

With yesterday’s hack of credit monitoring service Equifax being recognized is the biggest leak of personal data in the history of mankind comes a lot of fallout. Let me list what’s happened in the last few hours:

  • Yesterday I noted that Equifax had set up a site to help consumers who were affected by this hack. But according to CNN. if you accept Equifax’s help, you forfeit the right to sue the company. On top of that, you won’t get help right away, and the company won’t help to fix your credit. So what kind of help is this precisely?
  • Yesterday I noted that the company had known about the hack for some time before disclosing it to the public which was a #EpicFail. That #EpicFail is now greater since it has been disclosed that execs at Equifax sold stock before the pwnage was public. I guess that was a good decision on their part as Equifax stock is down by almost 18% as I type this. But it’s highlights that those execs are out for themselves and don’t care about the millions of people who’s info is out in the wild. Not that I am shocked by that or anything. It also makes the YouTube Video that Equifax CEO Rick Smith posted last night seem hollow and insincere.
  • For those who want some payback for this pwnage, this might be one avenue to get it. Bloomberg is reporting that there’s a class action lawsuit that is being filed with the potential of damages to the tune of $70 billion being awarded across the US. The lawyers who are running this are known for big class action lawsuits, thus this will likely get a lot of traction.

Finally, what is the real impact of this hack? Here’s what you need to know. In short, someone exploited a flaw in the Equifax website to walk in and swipe data. What data was swiped? Seeing as providing full names, Social Security numbers, birth dates, addresses, and, in some cases, driver license numbers is required to get everything from a loan or a mortgage to a cell phone, it’s a safe bet that all this sort of info was swiped. Thus making it too easy for an evil doer to commit identity fraud. Not to mention what a hostile government could do with it. This is a bloody big deal and Equifax needs to be severely punished for not securing this data properly as this is one hack that will take years to get past…. If we get past it at all.

In short, you should be really pissed.

Advertisements

2 Responses to “The Fallout From The Pwning Of Equifax Begins”

  1. […] Equifax who were pwned by hackers which in turn led to  the largest data breach in history and significant fallout had an employee tool that could be accessed by using the user name “admin” and the […]

  2. […] credit protection. Though they said that in the US and also forced people who took this offer to give up their right to sue. It will be interesting to see if that happens in Canada. In any case, the info that is out in the […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: