Senate Investigation Shows Equifax Knew about Security Risks for Years

Senate Investigation Shows Equifax Knew about Security Risks for Years

March 7, 2019         Written By John H. Oldshue

The Senate conducted a thorough investigation into the Equifax data breach that affected 145 million people. According to the report, “Equifax was aware of cybersecurity weaknesses for years” before the breach occurred in 2017.

In October 2015, Equifax conducted an audit of their patch management processes to assess cybersecurity vulnerabilities. Prior to that, the former CSO of Equifax says the had “no official corporate policy” for patching vulnerabilities on company systems, nor were there defined responsibilities for who was to govern over these matters.

The Senate found that as of August 2015, Equifax had a backlog of over 1,000 critical/high vulnerabilities on external systems and 7,500 critical/high vulnerabilities on internal systems. Nearly all of the internal issues (93%) were over 90 days old.

This data aligns with a similar report from the Committee on Oversight and Government Reform. After a 14-month investigation, the committee found the breach was “entirely preventable,” with over 300 expired security certificates and an overall “antiquated” IT system.

In a hearing the Homeland Security and Governmental Affairs Subcommittee held today, the CEO of Equifax, Mark Begor, discussed improvements the credit bureau has made since the breach. He said the company now has “multi-layers of defense,” including automated systems to address patches when they arise.



The information contained within this article was accurate as of March 7, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time