In 2017 the greatest threat to American society is not an act of violent terror but instead cyber terror. Credit Fraud and manipulation are some of the quickest ways to cause mass hysteria to society. And other medical records, your credit records poses the greatest opportunity for embarrassment and delayed advancement to society. And the one few companies solely responsible for judging and keeping sensitive information private, failed, egregiously.
The biggest data breach in modern history should not simply go swept under the rug. Equifax should not get a pass. Our most private and sensitive information can at any moment be exposed.
“I can’t think of a clearer definition of gross negligence anywhere,” Sen. Gary Peters, a Michigan Democrat, said of the Equifax attack. “A company that has been entrusted with the most sensitive data and customers didn’t have a choice for you to hold it …. you’re holding that and you don’t take precautions.”
“Under current law, even some of the most egregious examples of lax security can be met only with apologies and promises to do better next time. Not fines, or other penalties — or real deterrents,” said Connecticut Sen. Richard Blumenthal. “The real deterrent will come when those penalties are imposed on executives like the ones before us today.”
Equifax said it spends about four times more on cybersecurity today than it did before the attack. All the companies agreed that personal identifiers, like Social Security Numbers, were a dated form of ID that should be replaced with something more complex and safe. (WSJ Sourcing)