Anyone have a current status on how to effectively sue Equifax for data exposed?
Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
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Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#12I recall someone who was a security director at Panera Bread (a US based fast casual restaurant). Was confused and upset when a security researcher contacted them and asked to exchange a PGP key ... I suspect he straight up didn't understand what the request for a key meant or possibly even the issue as it was a very obvious issue and they did nothing about it until it hit the press. His previous job... at Equifax. O…
Sad but not surprising, thank you for sharing.
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#13It sounds like most of these costs are just from having to finally do the things they skimped on in the first place. If so, it's not really a loss compared to if they had taken the right steps at the beginning. So it may not really disincentivize them from cutting corners again in the future. It'd be like if the only punishment for getting caught cheating on a test was "well now you have to take the test without chea…
> It sounds like most of these costs are just from having to finally do the things they skimped on in the first place.
Source? It's not TFA. TFA only talks about legal costs in the past, and doesn't state it but implies future projections are also for legal costs.
With $700MM of legal costs in 1 quarter, if that is 49% of the total (51% --most-- going to finally do the things) expenditure, that's $1.4bn in one quarter. Their entire 2018 revenue was just $3.4bn ($835MM in Q4).
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#14It sounds like most of these costs are just from having to finally do the things they skimped on in the first place. If so, it's not really a loss compared to if they had taken the right steps at the beginning. So it may not really disincentivize them from cutting corners again in the future. It'd be like if the only punishment for getting caught cheating on a test was "well now you have to take the test without chea…
> It sounds like most of these costs are just from having to finally do the things they skimped on in the first place. Source? It's not TFA. TFA only talks about legal costs in the past, and doesn't state it but implies future projections are also for legal costs. With $700MM of legal costs in 1 quarter, if that is 49% of the total (51% --most-- going to finally do the things) expenditure, that's $1.4bn in one quarte…
The article placed a general emphasis on "cybersecurity costs"; I guess it didn't really indicate what percentage was that vs. litigation, but any "cybersecurity costs" are as I described above: costs that should've already been spent before the breach and are just being forced now. Only the litigation is a true "penalty".
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#15How these guys are still in business and still collecting financial data on US citizens frankly baffles me.
It is really, really hard to get in trouble in the United States if you have a lot of money and some friends in Washington.
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#16> Moody’s downgraded Equifax from a “stable” to a “negative” outlook > Lawsuits and investigations have cost $690 million in the first quarter of 2019 alone > And the lawsuits will keep coming: In January, an Atlanta judge denied Equifax’s attempts to dismiss class-actions filed against the company. Looks like there are real consequences to losing data on half of all Americans
But not because of anything Congress did.
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#17Their stock price has recovered a lot of the losses they experienced after the hack.
https://finance.yahoo.com/chart/EFX#eyJpbnRlcnZhbCI6ImRheSIs...
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#18Another situation of too big to fail? I sure hope not. Why are they still in business? Any worthy regulation of any type would have shut them down already no?
> Why are they still in business?
Lawsuits are progressing. It's possible legal costs (plus the accompanying reputational damage) will eventually force Equifax into bankruptcy. (I, for example, refuse to open credit lines if they require an Equifax credit check.)
At the end of the day, you can't just kill companies because you don't like them. We don't have general data protection laws with heavy penalties in the United States. The only way to extract a pound of flesh is to show damages, which has been difficult given how little we know about who stole the data and what they did with it. Nevertheless, the lawsuits progress.
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#19> Moody’s downgraded Equifax from a “stable” to a “negative” outlook > Lawsuits and investigations have cost $690 million in the first quarter of 2019 alone > And the lawsuits will keep coming: In January, an Atlanta judge denied Equifax’s attempts to dismiss class-actions filed against the company. Looks like there are real consequences to losing data on half of all Americans
But not because of anything Congress did.
I would have liked Congress to do more too, but is this relevant here?
Re: Moody’s downgraded Equifax from “stable” to “negative” due to cybersecurity
#20> Moody’s downgraded Equifax from a “stable” to a “negative” outlook > Lawsuits and investigations have cost $690 million in the first quarter of 2019 alone > And the lawsuits will keep coming: In January, an Atlanta judge denied Equifax’s attempts to dismiss class-actions filed against the company. Looks like there are real consequences to losing data on half of all Americans
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