Former Equifax Chief Appears before a Senate Committee

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The former chief executive officer of Equifax told the Congress yesterday that the data breach was due to a mistake of a single employee. At the end of the breach, nearly 146 million user information had been compromised. Richard F. Smith decided to step down after days of intense scrutiny. During the hearing, the former chief executive apologized to the House Energy and Commerce Committee on a number of occasions. He repeated the same regrets towards the Americans that had been affected by the breach. During the appearance, Mr. Richard was keen to downplay the extent of the breach and the severity of the problem. At the same time, he also said that the company responded swiftly unlike the reports spreading around the internet that the company was slow. He, however, refused to address the issue concerning how far the company was willing to compensate the people who had been affected by the financial breach. On a number of occasions, the former chief executive of Equifax named a certain individual in the department of technology who refused to adhere to some security warnings. As a result, he could not make the software update that would have prevented the breach. When asked about the employee status being referenced by the former chief, Equifax declined to comment about the issue.

He was devoured by angry members of the committee who could not understand how a credit bureau such as Equifax could have let Americans down. The organization was charged with safeguarding financial lives of nearly a third of the American population. The committee members were even angry that these breaches went on for months unnoticed. A Republican from Oregon known as Greg Walden questioned Mr. Smith how the breach could happen when there was so much at stake. He said that the Congress has no power or ability to pass a law against stupidity. He referenced to the security failure as a stupidity of the Equifax members. This is the first committee that Mr. Smith is expected to testify in the next four weeks. At the same time, another chief executive was being grilled by senators for the same negligence. Timothy J. Sloan had been summoned by the Congress to address the latest scandals that had befallen the Wells Fargo in the US. The chief executive was referred to as incompetent at his best and complicit at his worst. This was Democratic Senator from Massachusetts Elizabeth Warren line of questioning.

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