Equifax Hack: A timeline of events

By Personal Finance FOXBusiness

Equifax CEO facing increased criticism for data breach

Cybersecurity expert Morgan Wright discusses why the Equifax data breach probably affects more than 143 million people, and what the penalty should be for the company's CEO, Richard Smith.

The blows keep coming for Equifax (EFX) as shares continue to tumble and the Federal Trade Commission announced plans to open an investigation into the credit reporting company Thursday after the company went public with its massive security breach last week, putting 143 million American’s personal data at risk.

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In case you missed all drama, here’s a timeline of events, involving one of the biggest security breaches of all time.

Mid-May through July 2017 – This is the time frame in which Equifax says hackers gained unauthorized access to its data.

Thursday, July 29 – Equifax discovers the hack and immediately stopped the intrusion.

Tuesday, August 1 & Wednesday, August 2– Three top executives from Equifax sell nearly $2 million worth of company stock.

Thursday, September 7 – Equifax officially alerts the public about the cybersecurity incident and provides a dedicated website for consumers to check if they were affected. Later on that night, the company also issues a statement saying the three executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”

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Friday, September 8 –Shares of Equifax shed more than 13% of their value in trading. Sen. Elizabeth Warren (D-Mass.) tears into the company on social media for trying to push customers to give up their right to sue.

Equifax releases a statement saying that its controversial arbitration language that appears on its emergency website “will not apply to this cybersecurity incident.”

Monday, September 11 - Two key US senators ask Equifax Inc. to answer detailed questions about a breach of information affecting up to 143 million Americans, including whether U.S. government agency records were compromised in the hack.

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Tuesday, September 12 - Equifax CEO Richard Smith writes an op-ed for USA Today apologizing for the intrusion and vows to make changes to protect against cyber crimes in the future.

Wednesday, September 13 – Equifax CEO is formally called to testify before Congress on October 3. Smith will testify before the members of the House Energy and Commerce Committee.

Thursday, September 14- The Federal Trade Commission says it is investigating the massive data breach. Equifax shares fell 5% to $94.19 in heavy trading after earlier touching $89.59, their lowest since February 2015.
 

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