The stock is down ~15% in pre-market trade, after fucking up and simply giving away HALF of America’s social security numbers or 143 million tax paying citizens.
Criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017. The company has found no evidence of unauthorized activity on Equifax’s core consumer or commercial credit reporting databases. The information accessed primarily includes names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers.
In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed. As part of its investigation of this application vulnerability, Equifax also identified unauthorized access to limited personal information for certain UK and Canadian residents. Equifax will work with UK and Canadian regulators to determine appropriate next steps. The company has found no evidence that personal information of consumers in any other country has been impacted.
Also, might I add, 3 executives at the company made large sales of the stock, outside any pre-planned 10b5-1 program — which has raised some suspicions. In other words, they might’ve known about the data breach, failed to disclose them, and then sold stock to avoid losing money. If true, they deserve asshat awards. Stock prices can come back, jobs and careers do not.
Chief Financial Officer John Gamble banked $946,374 on the sale, U.S. Information Solutions President Joseph Loughran made $584,099 and Consumer Information Solutions President Rodolfo Ploder earned $250,458.
As you can see, prior to this debacle, EFX had been doing quite well.
There should be an immediate investigation into any executive stock sale. Obviously they all knew about the breach prior to the sale.
Especially the CFO
Would you not do the same? Sell stock prior to public announcement? I am reasonably certain they consulted w/ criminal lawyers before selling so the 3C are probably w/i present regulations.
I’m guessing an FBI flunky can determine the criminality based on the timing of the sales compared with timing of the knowledge of the breach (which was not public information when it occurred). They’re criminals.
Not a chance in hell they consulted with a criminal lawyer before making the sales. They acted acted on impulse and will pay dearly.
Keep some space open on iBC for the post with the following heading:
Three Equifax Execs Charged With Insider Trading
Plenty of Equifax IT openings posted on a prominent H1B job site:
http://www.myvisajobs.com/H1B-Visa/SearchLCA.aspx?E=Equifax
No, I would not commit this type of crime. Integrity trumps greed, at least for me.
Besides the integrity issue, which I agree with, it is utter stupidity on their part to believe that this wouldn’t become public with something as big as the exposure of over 100 million SSNs.
I guess it’s possible that they knew of something but didn’t know the extent to which the information was compromised. That makes them less stupid but no less degenerate.
The CFo sold over $8M in stock in late May, before they knew about the hack (the hack was mid May through July). so the $1M in slaes looks less suspicious. We’ll have to see what the email chain looks like – that is if Trumps’ SEC team even gives a sh*t.
It’s not obvious they all knew about. According to my conversations the initial investigation was ring fenced around the CIO and legal team so no one outside them knew at first. EFX mgmt has suggested the three sellers may have been suspicious something was going on but weren’t informed at the time and thus nothing illegal.
If it says you are one of the people affected is it worth signing up for their free service? Seems like we are all effed no matter what…
You can try Experian or TransUnion.
Now, if all of this information was encrypted and stored on the blockchain, it would have never happened*.
* I do not know what I’m talking about.
Best if you have not, to put a security freeze on TransUnion, Experian, Equifax and Innovis.
Easy to do via the web, might cost you $10 … at least 3 of those 4 charged me nothing. I was mailed a PIN to unlock my credit when necessary.
Then space out each in 4 month intervals and request your free annual report. So every 3-4 months you’re looking at a credit report for anything odd and you’ll be able to dispute it.
I will pay Ploders legal fees if he changes his name to exPloder. But yeah anyway buy the historic data breach dip.