Monopoly Man photobombs Senate hearing on Equifax

Monopoly Man photobombs Senate hearing on Equifax

Monopoly Man photobombs Senate hearing on Equifax

The massive data hack compromised the names, addresses, birth dates, and Social Security numbers of 145 million Americans.

Equifax and other credit rating companies were advised in March by the Department of Homeland Security's Computer Response Readiness Team that certain computer vulnerabilities required patching.

During the hearing, Smith opened with remarks from his prepared testimony, where he took full responsibility as former CEO of what happened on his watch.

On Monday, Equifax said its breach potentially affected 2.5 million more people than it had previously stated. "We also continue to work closely with our internal team and outside advisors to implement and accelerate long-term security improvements". She highlighted the many ways that Equifax will profit from the hack, and called for a major overhaul of the entire credit reporting industry, whose incentives she called "out of whack".

"All the folks in the executive suite had no clue, but they were the luckiest investors on August 1 to sell the stock at the best price to net $655,000 - this was pure luck and nothing else?" a baffled Scott asked former Equifax CEO and Chairman Richard Smith. Smith notified the board's lead director on August 22. As a result, "the vulnerability remained in an Equifax web application much longer than it should have", Smith said.

"Equifax is making money, millions of dollars off its own screw-up and meanwhile the potential cost to Equifax are shockingly low", Warren told Smith, 57, during the US Senate Banking Committee hearing.

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However, Equifax has not yet announced how many of its non-American customers have had they data leaked.

In the United Kingdom, the Information Commissioner's Office has said it is investigating.

Equifax said hackers exploited a months-old, unpatched Apache Struts flaw to carry out the breach, dubbed one of the largest and worst-ever breaches in U.S. history due to the sensitive nature and value of the data compromised.

Smith said the company had a protocol in place to check for security breaches, but it wasn't followed.

Smith also said the sales occurred after quarterly earnings were reported, which is a common practice within the company.

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