|Cloud, Digital, SaaS, Enterprise 2.0, Enterprise Software, CIO, Social Media, Mobility, Trends, Markets, Thoughts, Technologies, Outsourcing|
Linkedin Facebook Twitter Google Profile
Friday, September 08, 2017
Equifax : Disturbing Developments
Credit-rating company Equifax’s data breach, which involves an estimated 143 million people, may not be the largest that we have seen, after all Yahoo lost billions of emails in a series of data breaches, most of them brought out to the public much later. Given the nature of data at play here, this is clearly becoming the most deadly of all data breaches - like tropical storm IRMA. The feared IRMA is on its way to touch Florida(pray for the safety of all living in Florida), but the Equifax data breach storm has the potential to affect large set of Americans to become the worst ever data breach. The sensitivity and the direct information access makes the big difference between the two. Yahoo email’s could have exposed some back account information or some personal information and the hacker must be scanning so wide to find relevance that can be good enough for him/her to benefit from, An occasional back account, credit card information might have been exposed. The odds are stacked against given the volume of information to sift and find the useful ones. But Equifax is a different ball game altogether. Equifax is one of the three biggest credit-reporting companies in the U.S. and incidentally the breach is reported to have occurred occurred mid-May through July 2017,even though the public got to know about this on Sep 7, 2017
According to Equifax, the information that were accessed includes: Names Social Security numbers Birth dates Addresses In some instances, driver’s license numbers. In addition, credit card numbers for north of 200,000 U.S. consumers Certain dispute documents with personal identifying information for north of 180,000 U.S. consumers Come to think of it, this is precisely the information US residents share with a bank to get credit cards, get certain types of jobs, or get a mortgage. This is important information, and a seem to have affected a wide number of Americans. The class-action lawsuits are already being filed less than 24 hours after the information became public.
Equifax’ s response so far has been so pathetic and uncaring, to say the least.
The options in front of the affected person is indeed very limited. There’s the standard advice after a data breach: Change passwords if you reuse the same one , turn on two-factor authentication when possible, and watch for any suspicious links or emails from Equifax or others. Some suggested freezing the credit score, so that external players cannot access such information till this is waived. You can also turn to the other big two credit-reporting agencies in the U.S., Experian and TransUnion, and make sure there haven’t been any recent inquiries made into your credit history. Equifax is giving away a free year of credit monitoring and identity-theft insurance, which everyone is highly encouraged to take advantage of. For those who are already a victim of identity theft, are encouraged to visit the FTC Identity Theft Recovery website and follow the steps therein. The Federal Trade Commission will provide the victim with a specific identity theft report and "to-do" recovery plans
On an ongoing basis, ensure that one spends the time keeping a closer eye on credit-card statements - the newly issued cards may be more exposed. Don’t leave any financial statement archive without your express approval. .At the end of it, it is clear that a tremendous amount of data is now floating out there with someone not authorized to hold them - either in the hands of criminals or a nation-state. Your Social Security number will never change, your past addresses will always be your past addresses. The effects of the Equifax breach will be felt for years to come. Beware of phishing mails which are clickbaits to draw one into rogue schemes and keep your machines remain state of the art and all patches applied. One of the things I find disturbing about this data breach is that there is essentially nothing any of us could have done to protect ourselves. We’re told to have strong passwords, avoid risk sites and apps and use security software but that only protects our devices, not data stored by others. And, in the case of Equifax and other credit reporting bureaus, it’s not as if we’ve even chosen to do business with these companies. They collect and store sensitive data about us whether we like it or not and I’m even sure if there is a way to opt-out.Increasingly, companies are supposed to safeguard this information, but they’re subject to hacks, human error and even deliberate breaches from within. Medicare even puts recipients social security number on their card, which they usually care in their wallet so if their wallet is stolen, their identify is at risk. Medicare plans to change this next year, but in the meantime millions of people over 62 are vulnerable. We need to figure out a way to disempower the use of the social security number to steal our identities. I’m not sure how that can be done, but I’m pretty sure it’s doable.Some hacker is reportedly trying to take advantage of this development. I also demand a national center of cyber breaks and all enterprises should have an annual checkup of their enterprises and would act as the clearinghouse for providing national relief. Hope America comes out of this unscathed.
|Sadagopan's Weblog on Emerging Technologies, Trends,Thoughts, Ideas & Cyberworld