Equifax faces up to $70 billion lawsuit for data breach

Monday, 11 Sep, 2017

Equifax, which has not commented on the lawsuit, said Thursday that hackers "exploited a USA website application vulnerability to gain access to certain files", between mid-May and July. Last Thursday the company gave a statement where they said that they will alert all of those who were affected by this unwelcome event, and they went a step further by setting up a special web page - equifaxsecurity2017.com - which has a task of simplifying the breach to consumers and checking whether they were affected or not. That language landed the company in hot water with users and regulators alike.

Click the "Potential Impact" tab and enter your last name and last six digits of your Social Security Number. It is providing free service for one year through TrustedID Premier - whether or not you've been affected by the breach.

You'll be directed to a screen that lists the steps of the process.

Clark said a credit freeze is the only answer in this case.

He added: "My advice for companies who don't want to find themselves in similar hot water is to "hack themselves before someone hacks you". Here are the links to freeze your credit at Equifax, Experian and TransUnion. This is a good idea as long as you're not about to apply for a mortgage, vehicle loan or other line of credit.

"To confirm, enrolling in the free credit file monitoring and identity theft protection products that we are offering as part of this cybersecurity incident does not prohibit consumers from taking legal action". A freeze remains until you remove it. You get a free one from each agency each year, so you can check one free every four months.

Equifax is blaming an unspecified "website application vulnerability". He says someone likely made a programming or configuration mistake.

"It's teaching people entirely the wrong things about using the internet securely", Weidman said.

There you can also access frequently asked questions about Equifax. "Lots and lots of people think this stock is going to drop".

Finally, keep an eye on your financial statements. And Rep. Greg Walden, the chairman of the House Energy and Commerce Committee, says he'll hold a hearing examining what wrong and how to better protect against future hackings. While this latest breach will force consumers to remain vigilant about monitoring unauthorized use of personal information and cause companies to revisit security practices and protocols, had this event occurred under the General Data Protection Regulation (GDPR) (set to take effect May 25, 2018), the implications would be significant. Large breaches like this attract scammers and criminals who try to obtain your personal information by posing as the company who experienced the breach and/or the company providing credit and identity monitoring services as a result of the breach.

Along with the lawsuit, it has also raised public attention when it was reported that three Equifax executives, John Gamble, Rodolfo Ploder and Joseph Loughran, had sold their shares prior to the data hack, according to the SEC.