US Senate castigates Equifax over data breach
US Senate castigates Equifax over data breach
Equifax failed to prioritise cybersecurity and left itself open to attack in the lead up to the massive 2017 data breach that compromised the personal information of more than 145 million Americans, a Senate investigation has found.
Timeline: Equifax data breach
Hackers accessed personal data of more than 145 million Equifax customers. CNN Tech’s Samuel Burke looks at how the events transpired.
Sen. Moran Questions Equifax, Yahoo! Officials on Recent Major Data Breaches
Sen. Moran questioned current and former executives from Equifax, Inc. and Yahoo!, Inc. during a Senate Commerce, Science, and Transportation Committee hearing entitled, “Protecting Consumers in the Era of Major Data Breaches,” about their cybersecurity practices in the wake of major data breaches on Wednesday, November 8, 2017.
The great hack: A famous fraudster explains the Equifax data breach | Frank Abagnale
New videos DAILY: https://bigth.ink
Join Big Think Edge for exclusive video lessons from top thinkers and doers: https://bigth.ink/Edge
Legendary con-man-turned-FBI-consultant Frank W. Abagnale breaks down the 2017 Equifax data breach.Hackers were able to access the personal data of millions of Americans through faulty software — and they might wait years before using the stolen social security numbers and dates of birth.Abagnale blames Equifax for this oversight. If a company is entrusted with an individual’s personal data they need to do a better job of protecting it. “Hackers don’t cause breaches, people do,” he says.
FRANK W. ABAGNALE
Frank W. Abagnale is one of the world’s most respected authorities on the subjects of forgery, embezzlement and secure documents. Mr. Abagnale has been associated with the FBI for over four decades. He lectures extensively at the FBI Academy and for the field offices of the Federal Bureau of Investigation. He is a faculty member at the National Advocacy Center (NAC) which is operated by the Department of Justice, Executive Office for United States Attorneys. More than 14,000 financial institutions, corporations and law enforcement agencies use his fraud prevention programs.
FRANK W. ABAGNALE: First you should always ask when someone asks you joining a gym I need your social security number. For what reason? What’s the purpose of asking me for my social security number? They don’t need it. Actually, by law when you look up the law involving your social security number it’s limited to about as many things as you can count on one hand where you legally have to provide it for income taxes, law enforcement, things of that nature. There’s no need for them to have that. They’re kind of foolish taking it to begin with because then they’re responsible for that information and they have to try to keep that information safe. In the case of Equifax which is a perfect example, here was a multibillion dollar company. They didn’t update their software. They didn’t fix their patches that Microsoft said to them and said install these security patches. Their chief information security officer had her degree in music. She really didn’t know anything about keeping information safe and consequently hackers got in.
Now in my 43-year career I’ve dealt with every breach back to TJ Maxx 15 years ago to the recent breach of Capital One, Marriott Hotels, and Facebook. What I’ve realized in every single breach happens because somebody in that company did something they weren’t supposed to do, or somebody in that company failed to do something they were supposed to do. Hackers don’t cause breaches. People do. All hackers do is look for open doors and every day there are thousands of companies with open doors. I was asked this earlier today and I firmly believe it. If I give you my information whether you be a bank or credit bureau, a hospital, I’m entrusting you with my personal data. If something happens with that data due to your fault or your negligence in keeping it safe I should have the right to a recourse to sue you for getting my information out. Because now that they don’t have that as a statute companies get away with it and they tell you I’ll buy you one year of credit monitoring service, two years of credit monitoring service. That’s worthless.
If I steal your name, your social security number and your date of birth you can’t change your name. You can’t change your social security number. You can’t change your date of birth. So if I’m smart I’m going to hold that data for at least three to four years before I ever go use it. But if I steal credit card numbers and debit card numbers, I have to get rid of them right away. They have a very short shelf life. But when they do a major breach they store that data typically we find from about four to five years. So you giving me one year of credit monitoring, two years of credit monitoring, three years of credit monitoring really is not going to help me at all in the long run. They will eventually get to my data and use my data. I do think that companies need to do a better job of protecting the information that’s been entrusted to them. And this is why I was so big on trying to get the ability to freeze your credit. No one in this country ever said to Equifax, you know what. You can store all my personal data and you can make billions of dollars selling it for background checks, employee checks, credit checks. No, I never said that.
What I want to say is, Equifax you can keep my d…
For the full transcript, check out https://bigthink.com/videos/data-breach
Equifax data breach: How to protect yourself
Credit monitoring company Equifax is facing fallout over its massive data breach that exposed the personal data of about 143 million Americans. The company has announced it will waive all security freeze fees for the next 30 days. CBS News business analyst Jill Schlesinger joins “CBS This Morning” to discuss the steps consumers can take right now to protect themselves.
Subscribe to the “CBS This Morning” Channel HERE: http://bit.ly/1Q0v2hE
Watch “CBS This Morning” HERE: http://bit.ly/1T88yAR
Watch the latest installment of “Note to Self,” only on “CBS This Morning,” HERE: http://cbsn.ws/1Sh8XlB
Follow “CBS This Morning” on Instagram HERE: http://bit.ly/1Q7NGnY
Like “CBS This Morning” on Facebook HERE: http://on.fb.me/1LhtdvI
Follow “CBS This Morning” on Twitter HERE: http://bit.ly/1Xj5W3p
Follow “CBS This Morning” on Google+ HERE: http://bit.ly/1SIM4I8
Get the latest news and best in original reporting from CBS News delivered to your inbox. Subscribe to newsletters HERE: http://cbsn.ws/1RqHw7T
Get your news on the go! Download CBS News mobile apps HERE: http://cbsn.ws/1Xb1WC8
Get new episodes of shows you love across devices the next day, stream local news live, and watch full seasons of CBS fan favorites anytime, anywhere with CBS All Access. Try it free! http://bit.ly/1OQA29B
Delivered by Charlie Rose, Norah O’Donnell and Gayle King, “CBS This Morning” offers a thoughtful, substantive and insightful source of news and information to a daily audience of 3 million viewers. The Emmy Award-winning broadcast presents a mix of daily news, coverage of developing stories of national and global significance, and interviews with leading figures in politics, business and entertainment. Check local listings for “CBS This Morning” broadcast times.