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Former Equifax CEO testifies before Congress

Former Equifax CEO testifies before Congress

Former Equifax boss Richard Smith may have been the headliner of the Senate Banking Committee's probe on Wednesday into the company's massive data breach, but it was a photobombing Rich Uncle Pennybags who clearly stole the show.

But by that point in the hearing, most of the lawmakers had asked their questions and left.

Smith resigned last month over the security breach, and opened his testimony Tuesday by saying responsibility for the massive breach ultimately falls on him. Smith announced his retirement from the company last week amid scrutiny.

That employee hasn't been identified and Equifax has stayed quiet until now about the person's employment status.

Why? Because, according to Warren, Equifax is poised to make millions off the recent data breach that compromised the names, social security numbers, driver's license numbers, birth dates, addresses, and credit card information of 145 million Americans.




"We sent the Monopoly man to the #Equifax hearing to send a message: Forced arbitration gives Equifax a monopoly over our justice system", the nonprofit advocacy group tweeted.

In part of the ongoing investigation into the Equifax security breach, private security firm Mandiant has finished its first round of forensic data collection and analysis. Equifax is one of three major credit reporting bureaus and its data is used to determine credit ratings for mortgages, auto loans, credit cards and other financial instruments. It also said that the methods and tools used by the attackers did not match those of others of which it was aware.

Security personnel noticed suspicious activity on July 29 and disabled web application a day later, ending the hacking, Smith said. Smith notified the board's lead director on August 22. Ben Ray Lujan, on Tuesday before Smith's opening remarks.

"It basically explains how forced arbitration allows companies to break the law and not have any consequences because consumers can't actually go to court", Werner says in the video.

After three hours of grilling, Democrats said today's hearing was not sufficient, pressing for additional hearings with the current Equifax executives, including the CIO and chief legal officer.


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