Equifax loses CEO

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Leading consumer credit agency Equifax is now leaderless.

CEO Richard Smith has just resigned.

There’s been a breach

Equifax has recently suffered a cyber attack which has left some 140 million consumers’ details at risk. They’re mostly from the US and Europe.

What’s been taken?

Personal information like social security numbers, dates of birth and driving licenses.

Then there’s some 200,000 credit card details, making it the biggest credit card hack on record.

Enter the regulators

Because of its global scale, the firm is now having to deal with investigations by regulators from the US, Canada and the UK.

Then there’s an FBI criminal investigation and around 30 lawsuits facing the company.and around 30 lawsuits facing the company.

And the US Securities and Exchange Commission is now on the warpath: $2m in shares were sold by executives before the breach was made public. Equifax claims they were in the dark about the hack.

Botched

The way in which Equifax has reacted to this breach has been poor.

It only announced the breach after a couple of months had passed. Meanwhile, customers have been unable to get assistance from inundated phone helplines. And their specially designed website tool to see if your details are at risk doesn’t always work.

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