Monopoly Man photobombs Senate hearing on Equifax

Ron Sachs  CNP  Zuma

Ron Sachs CNP Zuma

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.

Lawmakers Plan to Release Russian-Bought Facebook Ads
The source revealed that Google uncovered less than $100,000 in ad spending potentially linked to Russian operatives. Google and Twitter reportedly did not collaborate on the effort, which is supposedly still in its early stages.

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.

Recommended News

  • Russian Federation  2018 World Cup ticket applications pass 2 million mark

    Russian Federation 2018 World Cup ticket applications pass 2 million mark

    Matches will be held between June 14 - July 15 at 12 stadiums located in the 11 mentioned above cities across Russian Federation . In Europe , the eight best runners-up from the qualifying stages, including Ireland , will go into next Monday's play-off draw.
    Donald Trump Tweets Victory Lap Over ESPN's Jemele Hill Suspension

    Donald Trump Tweets Victory Lap Over ESPN's Jemele Hill Suspension

    A few days later, network President John Skipper issued a memo telling employees to avoid "inflammatory" comments on social media. Trump reacted to that, saying " ESPN is paying a really big price for its politics (and bad programming)".
    Modi visits hometown Vadnagar, visits school

    Modi visits hometown Vadnagar, visits school

    PRIME Minister Narendra Modi expressed happiness with the popular mood over the changes in the GST initiated by his Government. Cracking down on the opposition, he also said that honesty will always win no matter how many dacoits come to rob the country.
  • U.S. supreme court dismisses challenge to Trump travel ban

    Unlike the other bans, it treats some countries and types of travelers, such as students or tourists, differently than others. The lawyer dismissed the case in a way which preserved the appeals court ruling against the ban rather than vacating it.
    Vegas shooter Paddock scouted Fenway Park

    Vegas shooter Paddock scouted Fenway Park

    ABC News reports that there is no indication that Paddock traveled to Boston despite internet search for hotels near Fenway Park. But William Evans said Thursday he could not confirm the report and had not been briefed on the matter.

    Carolina Panthers report card: Grades reflect production, always a victor in Detroit

    Matthew Stafford had played consistently well this season and I like the way the Lions defense is creating turnovers. GROUND GAINS: Detroit is slowly improving its running game, going from among the NFL's worst to relatively average.
  • Trump claims he denied Sen. Corker's request for endorsement

    Trump claims he denied Sen. Corker's request for endorsement

    Last week, the senator, responding to an NBC news report from October 4, made some harsh remarks on the Trump administration. Outgoing politicians sometimes feel greater latitude to speak their mind, a characteristic Mr.
    Nebraska's night magic disappears in rout by Wisconsin

    Nebraska's night magic disappears in rout by Wisconsin

    I'm not usually one to keep track of missed calls by officials, but there was a bunch in this game - and at critical times. Off the cuff, NU defensive coordinator Bob Diaco compared the experience to an airplane breaking apart in mid-air.
    No chance of Liverpool title win with Klopp's current defence - Henchoz

    No chance of Liverpool title win with Klopp's current defence - Henchoz

    Marcus Rashford has eight goals, four assists, 42 shots and 19 shots on target in 12 games for club and country this season. Both City and United have conceded just 2 league goals, though the Citizens have scored 22, compared to the Red Devils' 21.
  • Hillary Clinton Finally Spoke Out Against Longtime Donor Harvey Weinstein

    A high-profile donor in the Democratic Party, Weinstein has contributed more $20,000 to Clinton's campaigns since she ran for U.S. Clinton also headlined a number of big-dollar fundraisers at Weinstein's home in New York City.
    Harbaugh Cites Michigan's Overall Success In Defending Struggles Against Rivals

    Harbaugh Cites Michigan's Overall Success In Defending Struggles Against Rivals

    Virginia Tech moved up one spot to No. 15, just ahead of No. 16 Notre Dame and MI , which tumbled 10 spots to No. 17. Michigan State has won seven of the last nine in this series while covering the spread in eight of those nine games.
    Amit Shah's son slaps Rs 100 crore defamation suit on a website

    Amit Shah's son slaps Rs 100 crore defamation suit on a website

    He said the got company got Rs 25 crore loan from the Kalupur Commercial Cooperative Bank. We know who CBI, ED will investigate and who ED and CBI will not investigate.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.