Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators.
The accounting firm says only a "very few" clients were affected by the cyberattack; former CEO Mike Cagney's wife, the lender's chief tech officer, is leaving.
Ironically, the credit bureau’s rise was built on promise to safeguard customers’ most sensitive information; bank to build global ops center in Warsaw.
Sen. Elizabeth Warren, D-Mass., is broadening her probe into the data breach to look at whether the company should have disclosed the breach sooner and if it plans to claw back compensation.
The Financial Stability Oversight Council meets Friday to discuss removing the label from the now shrunken insurer; Senate Banking Committee to hear Richard Smith on October 4.
Summit Credit Union in Madison, Wis., has filed what's believed to be the first lawsuit by a financial institution in connection with the massive data breach.
The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired.
Equifax's data breach may be the most serious, given that it covered 143 million consumers and involved reams of confidential information, but it wasn't the largest. Following are the biggest to date.
The Equifax breach has millions of Americans now thinking about freezing their credit to guard against identity theft. But those who act could be cutting themselves off from the nation's vast credit economy.
Sen. Elizabeth Warren, D-Mass., called for bipartisan action against Equifax during a Senate floor speech on Tuesday, criticizing the credit bureau for waiting several weeks after a massive data breach to reveal it to the public.
