Equifax: 2.5 Million More Americans May Be Affected by Hack

1 Prepared Testimony of Richard F. Smith before the US House Committee on Energy and ... - gov.house.docs

1 Prepared Testimony of Richard F. Smith before the US House Committee on Energy and ... - gov.house.docs

From mid-May through July, an as yet unidentified hacker group gained access to a large swathe of this data-including names, birthdates, street addresses, credit card numbers, and Social Security numbers-the company disclosed last month. The credit agency will "verify taxpayer identity" and "assist in ongoing identity verification and validations" at the IRS, according to the award.

The IRS labels Equifax as a "sole source order", which means that the agency believes the credit reporting company is the only business capable of providing the service. Some data in that dispute portal has to be held for at least seven years, Smith testified.

In total, Barros could make roughly $2.99 million for his job, and that could rise to $3.7 million based on performance.

Smith served as the Chairman and CEO of Equifax for the last 12 years.

During the hearing, Janice Schakowsky (D-Ill.) said that Equifax deserved to be shamed. He said he was alerted the following day, but was not aware of the scope of the stolen data.

Latta says laws are already on the books that are created to ensure consumer data is secured safely.

"Equifax deserves to be shamed in this hearing but we should also ask what Congress has done or failed to do to stop data breaches from occurring", she said. Congress must pass legislation to protect consumers by setting a better standard for public disclosure over security breaches, requiring improved protection of sensitive information, and strengthening oversight of credit bureaus like Equifax and the others.

"All the folks in the executive suite had no clue, but they were the luckiest investors on August 1 to sell the stock at the best price to net $655,000 - this was pure luck and nothing else?" a baffled Scott asked former Equifax CEO and Chairman Richard Smith.

An external cybersecurity firm's forensic investigation into the Equifax breach has concluded, and the number of individuals affected by the hack attack has gone up.

The partnership between the IRS and Equifax, which have both been hit by high-profile data breaches, received bipartisan flak from Senate and House members.

Pallone says it has been four weeks since the breach was made public and Equifax's customer service has been "confusing and unhelpful".

Rep. Greg Walden, R-Oregon, chairs the Energy and Commerce Committee.

On Tuesday, House Republicans and Democrats grilled Equifax's former chief executive over the massive data hack, calling the company's response inadequate.

On Monday, Equifax said the personal information of almost 146 million Americans may have been stolen, an increase of more than 2 million from the company's previous estimate.

Smith said he didn't know many details about the contract, but he explained that it was for work Equifax has done in the past for the IRS, and he thought the contract was being renewed.

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