Equifax Data Breach Exposed Sensitive Information of 143 Million Americans
What happened
Equifax, one of three major U.S. credit bureaus, reported a high-tech heist exposed sensitive information for 143 million Americans. Criminals exploited a U.S. website application to access files between mid-May and July of 2017. The stolen data included consumers' names, Social Security numbers, birth dates, addresses, and in some cases, driver's license numbers.
From nbcwashington.com
Why it matters
Lenders rely on the information collected by credit bureaus to decide whether to approve financing for homes, cars, and credit cards. Credit checks are also sometimes used by employers when deciding whom to hire for a job. The breach involved a company that holds vast amounts of personal information affecting many aspects of consumers' lives.
Equifax, TransUnion, Experian, and FICO are major credit bureaus in the U.S. market.
From nbcwashington.com
Who's involved
- EquifaxConsumer credit reporting agency that suffered the high-tech data heist.
- ExperianMajor credit bureau that competes with Equifax in the market.
- FICOMajor credit bureau that relies on shared credit data ecosystems with Equifax.
- TransUnionAmerican consumer credit reporting agency that competes with Equifax.
- GartnerSecurity analyst that assessed the potential for identity theft.
- Social Security AdministrationIndependent U.S. federal government agency whose data profiles are affected by the breach.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GartnerSpeculative
Gartner could see demand for its consulting services increase after the event validated security concerns.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Equifax breach may undermine Social Security number securityThe Equifax breach may force the Social Security Administration to rethink SSN security.Possible
- Equifax breach could prompt Bank of America to adjust lending riskEquifax breach may force Bank of America to reassess consumer risk modelsPossible