According to the Wall Street Journal, top executives at Equifax are stepping down from their position after the company’s recent major breach of security. Among those stepping down are Chief Security Officer(CSO) Susan Mauldin and Chief Information Officer(CIO) David Webb. The company will replace the CIO position with Mark Rohrwasser and Russ Ayres as the interim CSO.
Last week, the company reported a crucial data leak occurred on July 29, 2017 that compromised the data of 143 million Americans. Consumers’ Social Security numbers, addresses, birth dates, and driver license numbers were released due to a lack of security measures. Aside from that, an estimated 209,000 individuals had their credit card info leaked.
This catastrophic security issue was recognized as one of the most intense breaches within the past decade. Millions of angry consumers inflicted a tarnished Equifax’s image, as the company is currently being held in question for their slip-up. According to Reuters, “Equifax said on Friday that data on up to 400,000 Britons was stolen in the hack, because it was stored in the United States [and] the data included names, email addresses and telephone numbers, but not street addresses or financial data.”
It didn’t help matters that Equifax’s response was both “lackadaisical and callous.” According to TechCrunch, “The website that the company set up to assist consumers was at best broken, and at worst, a scam” Phone calls to Equifax were also inconsistent to the point that Congress reportedly expressed interest in looking into the case. Their slow response to the breaches were shocking, mainly because Equifax seemed so unprepared for it.
Equifax stock prices have also taken a hit, as its prices have fallen by more than a third since the company announced the breach on September 7, 2017. Since the drop of 3.8% on Friday, the shares are currently sitting at around $92.98 per. Equifax was once considered one of the dominant consumer credit reporting agencies, but it seems their time may be coming to an end.