So one again they get off ohh so lightly for this. Proper fines and jail please
The Equifax mega-hack has cost the credit reporting agency well north of $200m to date, according to a financial filing for calendar Q1. In September 2017, Equifax 'fessed up to a breach that exposed the data of more than 145 million people. The cost of the breach in the latest full quarter ended 31 March was $68.7m, taking …
Friday 27th April 2018 19:30 GMT The Nazz
Nah, keep it simple, save jail costs.
Just have the execs ( the C suite - a US expression? ) and the top IT bod, each and everyone of them, publish ALL* of their personal details on the web for a period of 1 year. In an easy to reach and well publicised site.
* every single detail, every financial account [numbers and sort-codes (US equivalent?)] phone numbers, family members and addresses.
That will certainly have an impact.
NB : though i do believe that potential jail time for Execs and relevant personnel is long overdue for acts of an unlawful nature.
Monday 30th April 2018 10:37 GMT Cuddles
Re: Nah, keep it simple, save jail costs.
"Just have the execs ( the C suite - a US expression? ) and the top IT bod, each and everyone of them, publish ALL* of their personal details on the web for a period of 1 year. In an easy to reach and well publicised site."
They probably already have Facebook accounts.
Friday 27th April 2018 22:09 GMT Doctor Syntax
Saturday 28th April 2018 00:34 GMT Anonymous Coward
Saturday 28th April 2018 01:01 GMT Anonymous Coward
EXACTLY ! Until companies who fail the security and integrity tests are fined BILLIONS for their negligence, these types of disasters that cost consumers BILLIONS in damages will continue. If Equifax can generate over a half BILLION in revenues per quarter, they can afford to pay a $100 Billion fine for their negligence and apathy.
Saturday 28th April 2018 02:54 GMT sanmigueelbeer
This month's layout includes some $45.7m spent on IT and data security, which covers both tech efforts – such as IT infrastructure, application, network and data security improvements – and the people hired to carry out the work.
Breakdown is going to be:
People hired to carry out the work: $45.5m
Tech efforts: $0.2m
Did I miss anything?
Saturday 28th April 2018 12:29 GMT Anonymous Coward
The big question is when will the Equifax executives face punishment?
THEY opened security hole deliberately as "cover" because equifax executives were the ones who sold their own data illegally to advertisers and pocketed the cash personally.
They sold stocks just BEFORE the breach became public.
Now companies THEY OWN are claiming "fix" the security issues (at cost).
Total utter ballsup and these people need to go to prison for a VERY VERY long time, AND have every penny they own confiscated as proceeds of crime.
Sunday 29th April 2018 14:08 GMT Anonymous Coward
That's an interesting theory I never heard before. Sell off the data illegally, weaken the system and wait for the inevitable data theft, and you have cover for why data firms now have all this data on people.
Sounds nice in theory, but practicality of pulling off is somewhat meh, also consider that data firms would need to explain the origin of their data as being pulled from data dumps, and now too many people working at those data firms know and will eventually leak.
It sounds nice, but its not very workable.
Saturday 28th April 2018 22:52 GMT doublelayer
Quick math + I like privacy and consequences = anger
So, this company has spent $242.7m dealing with their security problems. And those security problems caused the leak of data for 145 million people.
$242700000/145000000 people = $1.674 per person.
OK. That's nice. I suggest legislation that makes these companies liable on a per-user basis for say, $200. A small system mixup leaks two hundred users: $40k, enough to give the company a notice that that's not OK and to get in line, but not enough to hurt them. A large system mismanagement leaks ten thousand users: $2m, enough to indicate that you've messed up and you have responsibilities to your users. A complete lack of regard causes the leak of a hundred million users: $20b, hopefully enough to know that the company will be in really bad financial status at the end. The company should think that through before they decide to not care. That's the law I'd suggest if I ever ran for office. Now if I could actually ensure its passage, that formula would be edited somewhat, with the multiplication sign removed and the exponent sign added.
How do I get that passed without running for office and getting a ton of friends to do that too?
Sunday 29th April 2018 23:12 GMT unwarranted triumphalism