Dozens of top companies vulnerable to Equifax hack, software president warns

Another Equifax hack is imminent according to Bill Karpovich, the president of software company Sonatype, who says dozens of Fortune 500 companies are susceptible to another Equifax-type data breach.

“The breach that brought Equifax down last year is still widely deployed,” Karpovich told FOX Business’ Stuart Varney on “Varney & Co.” on Tuesday.

Karpovich said 80% of organizations who’ve downloaded and used the software are slow to address the problem. And that is why there are between 10,000 and 20,000 organizations in danger of another hack.

“It’s eight of the top automobile companies, 15 of the top financial services and insurance companies – it’s seven of the top technology companies,” he added.

Part of the problem is cyber budget allocation, in his opinion.

“The reality is that 80% of the breaches occur through the software level,” he said. “Yet only 6% of the cyber budget in enterprises goes to managing software security.”