Image Credit: Washington Post
Last week Equifax reported a huge data breach that could affect up to 140 million people who’s information the credit monitoring company holds. Equifax stating it’s core databases were not compromised in the hack however many consumers and investors are skeptical. The Company’s stock value dropping 15% by the start of trading Friday, this drop is worse than the blow back from the target hack.
In an attempt to calm consumers the company is offering free fraud assistance to anyone who was affected by the breach, None the less lawsuits have begun claiming Equifax was negligent in their data security measures. There were also accusations of insider trading as a result of some top executives selling stock before the release of the hack that was not immediately reported to investors. However the company stating that the investors had no knowledge of the hack when the transaction occurred.
The hack was discovered on July 29th according to the company and was not reported until the 7th of September, the questionable trading occurred on August 21st opening room for even more lawsuits.
- On July 29th Equifax discovered a major data breach.
- Hack reported on September 7th.
- Stock value dropped 15%
- Company offering free fraud assistance to those affected.
- Lawsuits have been filed stating the company was negligent in their security measures.
- On August 21st a large sell of stock was made by top executives leading to accusations of insider trading.
- Company stating the investors were not aware of the hack at the time of the transaction.