Equifax hack 'the crown jewels of breaches'
Equifax was hacked twice this year but kept the second one a secret from the public until Sep. 7, 2017. This led some in the public to question the company's credibility.
“The severity of the Equifax hack is due to the type of information they’re holding,” says Craig Shue. “They are holding all the information someone needs to steal your identity. … This is the crown jewels of breaches.”
Supposedly, Bloomberg knew it had a breach back in March but tried to deal with it quietly in order to not worry the people who have entrusted them with their personal information. 143 million Americans' personal data was possibly stolen during the attack, according to Worcester Polytechnic Institute.
Hacking investigations take a long time to solve because hackers now know how to cover their tracks. "It's just like you see in the FBI, some cases are solved very quickly, some cases take a long time," says Ferrol Macon.
Equifax's stock dropped by 33 percent after the announcement of their hacking situation, and CBS46 of Atlanta suggests that the stock will continue to go down.
Three Equifax executives are under investigation for selling $2 million in stocks immediately before the cyber hack. The company claims those trades were just by coincidence.