What business can learn from the Equifax data breach
The Equifax hack exposed the personally identifiable information of 143 million people and has created a tremendous ethical, public relations, and legal dilemma for the company. Stakeholders are looking for information to understand what happened. The key question: How was the Equifax data compromised? We still don’t know, and that has led to a great deal of criticism and speculation.
Compounding the problem for Equifax (and everyone else) is that the company has made tremendous mistakes in its response efforts. Equifax executives dumped stock after the breach. The company offered free credit-monitoring services to those affected when they attempted to learn if their data was compromised, but only if they sign away their rights to sue for damages.