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Home>It's time for America and its institutions to stand up to Equifax and Yahoo

It's time for America and its institutions to stand up to Equifax and Yahoo

It's time for America and its institutions to stand up to Equifax and Yahoo

10/04/2017

By Therese Poletti, MarketWatch

Lawmakers need to pass legislation and Wall Street needs to stop treating breaches as just another write-down

Just a few hours after the former chief executive of Equifax Inc. faced a congressional grilling over a recent data breach that was being called the worst hack in history, Yahoo Inc.'s new owner tried to take that title back.

Verizon Communications Inc. (VZ) said every single Yahoo account was affected by a 2013 hack into Yahoo's network (http://www.marketwatch.com/story/every-yahoo-account-was-affected-by-2013-hack-verizon-now-says-2017-10-03), tripling the number of accounts swept up in the breach. This information was just released despite the breach actually occurring more than four years ago, and originally being disclosed nearly a year ago.

This type of delayed disclosure isn't surprising at this point, since Equifax also added to its own mind-blowing total of breached records just the day before (http://www.marketwatch.com/story/equifax-says-millions-more-customers-affected-in-cyberattack-than-previously-reported-2017-10-02). Instead of being shocked, though, lawmakers and corporate America must stand up and say, "Enough!"

Congress is currently grandstanding while the lights are hot on Equifax (EFX) , but there was still an overarching feeling of helplessness as former CEO Richard Smith testified in a House subcommittee Tuesday. U.S. Rep. Ben Ray Lujan, D-N.M., asked what the company would do (http://blogs.marketwatch.com/capitolreport/2017/10/03/former-equifax-chief-smith-goes-for-grilling-before-congress-live-blog/) to make affected consumers whole after the breach.

"I can't answer the question," Smith said.

Opinion: How investors can punish Equifax for failing the public (http://www.marketwatch.com/story/equifax-should-pay-the-price-for-failing-investors-and-the-public-2017-09-12)

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