PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Equifax Breach Solutions: Physician, Heal Thyself!

Brian Riley by Brian Riley
September 25, 2017
in Analysts Coverage
0
Rising Identity Theft Threat Magnified by Lack of Consumer Action

Businessman running in a secure network concept design.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The irony of it all.  Today’s New York Times calls out Equifax’s breach management program offered for sale to victimized companies; this unit existed before the current issue and is still available to companies that experience a breach.

  • As part of its pitch to clients, the company promised to safeguard information.

  • It even soldproducts to help companies hit by cyberattacks protect their customers.

And, in the “physician, heal thyself” department, the firm offers four services.

  1. Quickly inform consumers, employees, and shareholders with pre-defined communications regarding the event and the steps you are taking on their behalf ;

  2. Offer the appropriate level of identity theft protection products based on the risk profile of the data breach (ask about our Data Breach Risk Assessment Matrix);

  3. Provide a dedicated Call Center to assist breached victims with product related questions after enrollment.

  4. Place Fraud Alerts on consumers’ credit files at all three credit reporting agencies as requested.

 

What caught my eye, as Equifax points out in their collateral, are the five impacts of a breach, as they call it, with “serious implications”.

  • Erosion of employee customer trust

  • Decline in shareholder value

  • Undesirable publicity

  • Legal & regulatory liabilities

  • Out of budget expenses

 

This will certainly get ugly, inside and outside of Equifax.

  • Equifax now faces a consumer backlash over its response to the hacking attack.

  • The anger has been intensified by the actions of three senior executives who sold shares worth $1.8 million in the days after the breach was discovered. The stock, which had tripled in the last five years, is down 30 percent since the attack. Equifax said the executives were unaware of the breach when they sold their stock.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

Read the full story here

Tags: Data BreachEquifax
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Google Wallet Expands Features

    Google Wallet Continues to Bet on Digital with Expanded Features

    June 2, 2023
    digital value

    How Embracing Digital Value Can Help Solve the B2C Payments Conundrum

    June 1, 2023
    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from CSG Forte: