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consumers worried about the data breach that it promoted on its support website.Īgreeing to the terms appeared to forfeit some rights to sue individually or join a class-action suit, but Equifax said on its website that the arbitration clause applied only to the credit monitoring offer and not to any damages caused by the recently discovered data breach.
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intelligence official told Reuters it was too soon to know if the attack was strictly criminal in nature or if it had the backing of a foreign government.Įquifax drew scrutiny for terms of service that accompanied a free credit monitoring offering to all U.S. The Federal Bureau of Investigation said it is tracking the matter. The company has not said specifically how attackers were able to break in or why it did not disclose the breach sooner. It said hackers accessed accounts between mid-May and July, and some British and Canadian residents were also affected. Two proposed class-action lawsuits, one filed in Portland, Oregon, and one in Atlanta, alleged that Equifax had been negligent in protecting consumer data.Ītlanta-based Equifax disclosed the breach on Thursday and said the company had discovered it on July 29. But it said that Equifax's rating and stable outlook were not affected.Ĭredit monitoring services such as Equifax collect vast amounts of financial information from consumers without their knowledge, working with banks and other lenders, for example, to track the creditworthiness of individuals.Īt least five state attorneys general, including those of New York and Illinois, said they were formally investigating the breach. The company would incur significant costs to remediate the breach, potential litigation and regulatory action, and higher cyber insurance premiums, Moody's said. Moody’s Investors Service said on Friday that the breach would impede Equifax’s growth over the next three to four quarters and hurt its reputation as a custodian of consumer data. It said the site was now functioning properly and that it had tripled the size of its call center team to more than 2,000 agents, with more to be added. Responding to criticism, Equifax apologized in a corporate statement Friday evening for any inconvenience caused by its support website or call center. The breach was "especially troubling" because companies that have suffered data breaches typically offer free credit monitoring services from firms like Equifax, which has now itself suffered a huge cyber attack, he added.īigger hacks, such as those disclosed by Yahoo last year, did not put as much sensitive information at risk. "Another day, another dumpster fire in cyber security,” said Ryan Kalember, senior vice president of cyber security firm Proofpoint.
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The hack, among the largest ever recorded, was especially alarming due to the richness of the information exposed, which included names, birthdays, addresses and Social Security and driver's license numbers, cyber researchers said. Equifax shares tumbled as much as 18 percent, the biggest one-day drop in 16 years, as complaints mounted that the company's online and phone support systems were either broken or insufficient.
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Lawmakers and regulators joined the chorus, scrutinizing the company's follow-up as it encouraged potential victims to sign up for free credit monitoring services.
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(Reuters) - Equifax Inc (EFX.N) faced a storm of criticism on Friday over a hack that may have compromised personal data for some 143 million Americans, with consumers clamoring for answers and cyber security experts questioning the response to the massive breach.