Why did China hacked Equifax?
Why did the Chinese hack Equifax
While Justice Department officials do not believe economic espionage was the primary goal of the Equifax hacking, Mr. Demers said the attack could be seen as a violation of the spirit of that deal. “China sees economic interests and intelligence interests as one and the same,” he said.
What did China do with Equifax data
They then used a stolen username and password for a service account to get into an Equifax database. From there, they queried the database for Social Security numbers, full names, and addresses, and stored them in output files.
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Why did the Equifax data breach happen
Equifax breach by the numbers
Investigators believe that the first incursion was achieved by relatively inexperienced hackers who were using a readily available hacking kit that had been updated to take advantage of the Struts vulnerability, which was only a few days old at that point and easy to exploit.
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What was the Equifax scandal
In September of 2023, Equifax announced a data breach that exposed the personal information of 147 million people. The company has agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories.
Why is Equifax unethical
Equifax inflicted harm on consumers by failing to protect their PII and jeopardizing their financial security. Even if consumers didn't experience identity theft immediately after the breach or within the extended claims period, in a digital age, loss of personal information is permanent.
Who owns Equifax
Equifax Inc (NYSE:EFX)
Institutional investors hold a majority ownership of EFX through the 100.05% of the outstanding shares that they control. This interest is also higher than at almost any other company in the Miscellaneous Commercial Services industry.
Who are the threat actors in the Equifax breach
According to the indictment, Wu Zhiyong, Wang Qian, Xu Ke, and Liu Lei exploited a vulnerability in the dispute resolution website within the Equifax system. From that initial access point, the hackers used a number of techniques to force their way into the company's network and back-end databases.
Why does Equifax have the worst reputation
Lack of transparency, not only put the company at greater levels of company risk, it also served to unknowingly expose millions of consumers to higher levels of personal risk. This in turn makes the General Public less forgiving of Equifax in how it handled the issue.
Who was behind Equifax hack
The U.S. Department of Justice announced that a federal grand jury in Atlanta delivered a nine-count indictment accusing four hackers and members of China's People's Liberation Army – Wu Zhiyong, Wang Qian, Xu Ke and Liu Lei – of serving as masterminds of the hack.
Can Equifax be trusted
Overall, it has been given a score of 1.2 out of 5, based on more than 800 reviews, with 96% of reviewers classifying Equifax as "bad", with fewer than 1% deeming it as either "excellent", "great" or "average".
What are the unethical issues with Equifax
In its complaint, the FTC alleges that Equifax failed to secure the massive amount of personal information stored on its network, leading to a breach that exposed millions of names and dates of birth, Social Security numbers, physical addresses, and other personal information that could lead to identity theft and fraud …
Who got fired for the Equifax breach
As many as 143 million Americans had their personal information stolen. Richard Smith's resignation today was effective immediately.
Did anyone go to jail for the Equifax breach
ATLANTA – Jun Ying, the former Chief Information Officer of Equifax U.S. Information Solutions, has been sentenced to federal prison for insider trading. “Ying thought of his own financial gain before the millions of people exposed in this data breach even knew they were victims,” said U.S. Attorney Byung J.
Could the Equifax hack have been prevented
Smith boasted that the credit giant held “almost 1,200 times” the data held in the Library of Congress every day, but the House report said that Equifax had “failed to implement an adequate security program to protect this sensitive data.” “Such a breach was entirely preventable,” said the report.
Should I trust Equifax or TransUnion
Neither score is more or less accurate than the other; they're only being calculated from slightly differing sources. Your Equifax credit score is more likely to appear lower than your TransUnion one because of the reporting differences, but a “fair” score from TransUnion is typically “fair” across the board.
Who was at fault for the Equifax data breach
Those alleged criminals, four members of the Chinese military, exploited a flaw in software that allowed U.S. consumers to dispute problems with their Equifax credit reports. That gave the hackers access to Americans' personal information, according to the indictment.
How much money did Equifax lose from the breach
In total, the breach cost Equifax $1.14 billion in 2023 alone. Overall, the breach cost Equifax more than $1.7 billion since it was first disclosed in 2023. According to Equifax, at the time of the breach, the company had $125 million in cybersecurity insurance coverage.
What data was stolen from Equifax
The data breached included names, home addresses, phone numbers, dates of birth, social security numbers, and driver's license numbers. The credit card numbers of approximately 209,000 consumers were also breached. The Equifax breach is unprecedented in scope and severity.
What were the key weakness that led to the Equifax data breach
It seems that what really caused the Equifax breach was a lack of visibility into the open source the company was using.
Which score is higher Equifax or TransUnion
Neither score is more or less accurate than the other; they're only being calculated from slightly differing sources. Your Equifax credit score is more likely to appear lower than your TransUnion one because of the reporting differences, but a “fair” score from TransUnion is typically “fair” across the board.