Insights

Cyber Security and the Equifax Breach: A Cautionary Tale for Executives

September 18, 2017

Cyber Liability

Unless you’ve been hiding out under a rock for the last couple of weeks, you likely know by now about the Equifax data breach. The breach—which lasted from mid-May through July—allowed hackers to access some 143 million people’s names, social security numbers, birth dates, addresses and, in some instances, driver’s license numbers. The announcement of the breach in early September has set in motion additional events including insider trading allegations for three Equifax executives, and most recently, the resignation of Equifax’s CEO, Richard Smith.

Data breaches are nothing new; I have written about highly visible breaches and their financial impact in the past. The Equifax breach is notable, however, both for the sheer number of people whose data was accessed and the sensitivity of the data involved. Unfortunately, victims will be at risk for identity theft for years to come.

My colleague, Robin Fischer, has written a detailed piece on the Equifax breach, what steps you should take now to protect yourself, and what proactive measures you can take in the future. Take a look at Robin’s Cyber Security Resources Center.

— Lauri

See all articles by Lauri Floresca

All views expressed in this article are the author’s own and do not necessarily represent the position of Woodruff-Sawyer & Co.

Lauri Floresca

Senior Vice President, Cyber Liability

Editor, Cyber Liability

Lauri is a widely respected expert and frequent speaker on the issues of directors & officers liability and cyber liability. She has developed her expertise surrounding complex privacy breach claims and innovative Cyber Liability solutions, and has extensive experience placing D&O programs for public companies of all sizes, including NASDAQ 100 and Fortune 500 companies.

415.402.6523

LinkedIn

Lauri Floresca

Senior Vice President, Cyber Liability

Editor, Cyber Liability

Lauri is a widely respected expert and frequent speaker on the issues of directors & officers liability and cyber liability. She has developed her expertise surrounding complex privacy breach claims and innovative Cyber Liability solutions, and has extensive experience placing D&O programs for public companies of all sizes, including NASDAQ 100 and Fortune 500 companies.

415.402.6523

LinkedIn