Thursday, 09 July, 2020

Equifax CEO retires in the wake of massive cyber attack

Equifax Equifax CEO retires in the wake of massive cyber attack
Christy Curtis | 27 September, 2017, 00:10

"Speaking for everyone on the Board, I sincerely apologise". The Board will undertake a search for a new permanent Chief Executive Officer, considering candidates both from within and outside the company. It also costs money to do at Experian and TransUnion in most states.

Along with ousting Smith, Equifax said it is creating a special committee to deal with its breach, and manage cybersecurity incidents in the future. The House Energy and Commerce committee said in a tweet that it still plans to hold its hearing October 3.

"A CEO walking out the door just days before he is to appear before Congress is an abdication of his responsibility. Up to last week, only about 15 million people had actually done the steps required to find out if they're one of those".

An Equifax spokeswoman said in an email she was working on a response to whether Smith would still testify. Brian Schatz, a Democrat from Hawaii.

Equifax suffered a record breach, which it publicly disclosed September 7, of sensitive data relating to 143 million USA consumers, whose details Equifax and other data brokers sell as a product. Even though a fix was released, Equifax did not immediately install it.

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"The American public deserves answers about what went wrong at Equifax and what the company plans to do going forward", Warren said in a statement.

The jobs of other Equifax executives could still be in jeopardy.

The breach, which gave attackers access to Equifax's network between mid-May and July of this year, has resulted in a number of investigations and lawsuits, and has seen Equifax's share price lose a quarter of its value since the announcement. The executives denied knowledge of the issue at the time that they completed their sales.

About 35 percent of companies offered it in 2015, global advisory firm Willis Towers Watson has reported, and 70 percent have said it could be on their benefits menu by 2018. Those affected had Social Security numbers, birth dates, addresses and driver's license numbers compromised, while credit card information for hundreds of thousands more customers is said to have been put at risk.

In his 12 years as the chairman and chief executive of Equifax Inc.

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