Equifax Data Breach - Business, Finances and Investing Forum

This falls somewhere between BGI, Politics, and OOT. But maybe the smartest discussion takes place here.

Equifax suffered a massive data breach. Although it's not as big as the Yahoo one, the content of the breach is far for devastating. The stock dropped 13%, and lol some execs sold significant stock ahead of the announcement.

https://www.thestar.com/business/201...ple-in-us.html

I'd think we'll be seeing repercussions from this for a long time. Be curious to see the lawsuits that result, and the changes we start to see with regards to putting our very sensitive info in the hands of companies like this that fail the consumer. I can't even hazard a guess at the amount of fraud this one leak is going to cause.

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09-08-2017 , 02:49 AM

Shoe

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This has the potential to be huge, hopefully the data is not being used maliciously. If it is all leaked the entire credit system needs to be pretty much reset.

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09-08-2017 , 03:00 AM

aggo

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http://www.marketwatch.com/story/equ...lic-2017-09-07

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09-08-2017 , 03:52 AM

davmcg

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The stock dropped 13%, and lol some execs sold significant stock ahead of the announcement.

Any chance of these guys going to jail?

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09-08-2017 , 07:30 AM

rafiki

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Originally Posted by Shoe

This has the potential to be huge, hopefully the data is not being used maliciously. If it is all leaked the entire credit system needs to be pretty much reset.

Yeah the irony in this of course is that it's a MASSIVE pay day now for Transunion. Even though people may trust it a bit less this morning, what choice will you have when you're told your SIN or Social Security number is now compromised? You'd have to get Transunion I'd think. I know if my SIN is exposed I'll have no choice unless the gov takes massive measures.

I'm actually trying to fathom the lawsuit volume now. Surely the cost recovery is going to fall on their shoulders?

Stock is set to open real bad this morning.

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09-08-2017 , 07:46 AM

threatD

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Originally Posted by davmcg

Any chance of these guys going to jail?

For?

Sent from my SM-G925I using Tapatalk

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09-08-2017 , 07:57 AM

SootedPowa

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Originally Posted by rafiki

lol some execs sold significant stock ahead of the announcement.

From http://www.alphr.com/security/100694...ach-leak-check

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As reported by Bloomberg, Equifax discovered the data breach on 29 July. On 1 August and 2 August, three executives - CFO John Gamble, Joseph Loughran and Rodolfo Ploder – made $946,374, $584,099 and $250,458 respectively from the sale of their shares, according to SEC documents from August. A statement said these executives had “no knowledge” of the breach at the time they sold their shares.

Spoiler:

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09-08-2017 , 08:01 AM

rafiki

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Equifax set this site up to find out if you were breached: https://www.equifaxsecurity2017.com/

They are offering FREE monitoring for anyone affected. Man their stock is gonna taaaaaaank

edit: I think this is an easy short at the open here. Down 13% is not enough.

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09-08-2017 , 08:07 AM

rafiki

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Wow they've known for well over a month

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09-08-2017 , 08:13 AM

#10

SootedPowa

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Originally Posted by rafiki

Equifax set this site up to find out if you were breached: https://www.equifaxsecurity2017.com/

Yeah - it doesn't cover us here in the UK yet sadly (and UK customers data was part of the breach).

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They are offering FREE monitoring for anyone affected. Man their stock is gonna taaaaaaank

Is that a service you would usually pay extra for? Here in the UK over the last couple of years there has been a clear move to "free" credit check reports with them using advertisers and customer data to make money instead of the old subscription model, presumably the same in the USA?

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edit: I think this is an easy short at the open here. Down 13% is not enough.

Nice, good luck. Will they suffer any penalties further down the road for this? If they could potentially be fined then the size of the fine could be based on how much money they have rather than the actual seriousness of the breach of regulations.

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09-08-2017 , 08:14 AM

#11

SootedPowa

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Originally Posted by rafiki

Wow they've known for well over a month

I think they informed the regulators soon enough which is what matters, then its up to them when its announced to the public?

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09-08-2017 , 08:25 AM

#12

MyrnaFTW

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the funny thing is that 143 million, basically means anyone over 18 who has applied for any type of credit ever.

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09-08-2017 , 08:37 AM

#13

rafiki

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Originally Posted by MyrnaFTW

the funny thing is that 143 million, basically means anyone over 18 who has applied for any type of credit ever.

They are indeed saying half the USA. But you're right, if you exclude seniors not likely to use it, and young people who don't need it, you're left with every American adult. Crazy.

Like I've already said, my CDN data is on there. Won't care too much if they didn't get my SIN. If they got my SIN, gonna be a pain in my ass.

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09-08-2017 , 08:44 AM

#14

calmasahinducow

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It depends who got it. My SSN (and a lot more important information) was stolen as part of the OPM hack, but the Chinese government isn't going to do anything with it other than hold on to it themselves. If it was a nation-state, yeah they have your info now, but they're not going to open credit cards with your identity.

If it's some Russian criminal group, all bets may be off.

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09-08-2017 , 09:31 AM

#15

Clayton

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so if you got breached whats the best service to protect your identity? transunion?

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09-08-2017 , 09:46 AM

#16

H0RUS

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Originally Posted by rafiki

So the site that got hacked is now offering free protection for anyone affected. Lmao.

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09-08-2017 , 10:02 AM

#17

wopbabalubop

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Originally Posted by Clayton

so if you got breached whats the best service to protect your identity? transunion?

There are services out there like lifelock which will "protect" you. SYMC going to rip today...

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09-08-2017 , 10:22 AM

#18

MyrnaFTW

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Originally Posted by rafiki

what price are you short at?? i dont like the way its trading on the short side right now

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09-08-2017 , 01:35 PM

#19

MyrnaFTW

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well, at least we all get free access to our credit reports for a year ..

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09-08-2017 , 01:43 PM

#20

Trolly McTrollson

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Originally Posted by rafiki

I'm hearing that if you sign up for the credit monitoring you also sign away your right to sue them.

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09-08-2017 , 02:14 PM

#21

MyrnaFTW

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Originally Posted by Trolly McTrollson

I'm hearing that if you sign up for the credit monitoring you also sign away your right to sue them.

you have a link for that? right now they are only giving out enrollment days .. this is a huge mess for them.. they also include tri merged credit reports as part of the package , does that mean they will pay the other 2 agencies for every pull?

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09-08-2017 , 02:28 PM

#22

Trolly McTrollson

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https://www.google.com/amp/www.marke...2-C43A401C9AD2

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09-08-2017 , 02:46 PM

#23

H0RUS

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Originally Posted by Trolly McTrollson

I'm hearing that if you sign up for the credit monitoring you also sign away your right to sue them.

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Originally Posted by MyrnaFTW

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Originally Posted by Trolly McTrollson

https://www.google.com/amp/www.marke...2-C43A401C9AD2

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09-08-2017 , 02:57 PM

#24

MyrnaFTW

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this is going to be such a mess for them.. especially if those that got the info are actually doing something with it ..

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09-08-2017 , 03:07 PM

#25

H0RUS

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Originally Posted by MyrnaFTW

this is going to be such a mess for them.. especially if those that got the info are actually doing something with it ..

They will use the information. Theres no doubt about that. I imagine deceased people will be hit first. If thats even possible?

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