Friday, 23 February, 2018

Equifax CEO Retires After Major Data Breach

Equifax data breach could have effect for years to come Equifax CEO Retires After Major Data Breach
Lance Thomas | 28 September, 2017, 00:18

Smith was the CEO of Equifax for over 12 years.

"Serving as CEO of Equifax has been an honor, and I'm indebted to the 10,000 Equifax employees who have dedicated their lives to making this a better company", said Smith, in a statement.

"We are working intensely to support consumers and make the necessary changes to minimize the risk that something like this happens again", Feidler said.

Kentucky Attorney General Andy Beshear says the state must take action to protect consumers from data breaches like the ones that struck credit reporting agency Equifax - and he's crafting a bill.

The company said its board will launch a search for a new CEO and consider both internal and external candidates.

Equifax tried to appease lawmakers, consumers and investors by announcing the retirement of its chief security officer and chief information officer, who were responsible for managing and protecting the company's technology. A spokeswoman for the Senate Banking Committee said that panel's October 4 hearing remains scheduled as planned. The company's board is conducting an independent review of the hack, but a spokesperson said that Smith will receive his $18.4 million pension "under any circumstances".

Richard Smith decides that it's in the best interest of Equifax to have new leadership, after massive data breach.

The company said credit card numbers were compromised for some 209,000 USA consumers, as were credit dispute documents for 182,000 people.

The Equifax board has appointed a new interim C-E-O that is promising a thorough investigation into the data breach.

Equifax is offering free credit monitoring to impacted consumers, but some people are wary of using credit monitoring offered by the same company that compromised their personal information in the first place. The breach was first discovered on July 29, the company said and was due to a vulnerability in a USA website application, which allowed hackers access to certain files.

Smith apologized in USA Today on September 13 and called it "the most humbling moment" in Equifax's history.

Three top Equifax executives, including its chief financial officer, sold a combined $1.8m worth of stock after the breach was detected but before it was made public.

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