Equifax, the one with the huge data breach does evil
Tuesday 26th September 2017 | Toms
Equifax, the company that has come under heavy criticism, due to a data breach that has affected up to 142 million people. What has been the biggest data breach recorded, not only involved gross negligence, but also a lot of scheming behind the scenes.
The breach was discovered on the 29th of July, but it is no coincidence that you've only been reading about it in the news recently. They went public with the information only on the 7th of September. A breach that has affected nearly half of the American population, was kept hushed down for nearly a month and a half.
Of course in that month and a half, there have been some shady dealings that could put Equifax to shame.
Days after the breach was discovered, the higher-ups, and the CEOs, dumped their stocks, making a tidy profit of $1.8 million. Of course, when the company went public with the information, the value of stocks dropped by over 20%. While they insist that the higher-ups were not made aware of the breach at the time, it also seems mighty convenient timing.
To top that off, 2 weeks after the discovery, they bought out an identity protection firm, called ID Watchdog. This was a month before revealing the information about the hack. Essentially, they saw that there will be a rise in demand for such services and thus invested accordingly.
What already has been a great failure, keeps increasing in scale as more information comes to the surface.
Image by www.investmentzen.com