The SciShow guys have a nice video explaining how the Equifax hack happened. Equifax is in the business of collecting, storing, and disseminating sensitive consumer information — like credit card numbers, social security numbers, and bank account numbers. You don’t voluntarily give Equifax your sensitive data — Equifax gets that data whether you want it to or not.

You may be wondering why this matters. After all, the news has not reported widespread identity theft. That may be because cyberthieves who want to get the most bang for their buck will wait to use the hacked data. Why try to rip off consumers now when consumers are paying close attention? Smart cyberthieves will be waiting until Equifax goes back to charging for credit monitoring and lots of people drop the service and stop regularly checking their accounts. I predict the real costs of the Equifax breach are going to be felt in 5 years, 10 years, even 20 years from now. It’s not like you can change your social security number to protect yourself.

This is a sweet deal for Equifax. Equifax make loads of money charging consumers for credit monitoring services. Basically, consumers will be stuck paying fees to Equifax to correct Equifax’s mistake. There is nothing that Equifax has done that leads me to believe that (1) Equifax cannot be hacked again, and (2) Equifax will handle the next hack any better than it handled this one.

If you are interested in how such a hack could happen, check out this brief and entertaining Sci Show video.

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tiger

Lisa Bragança recovers losses for investors all over the country, protects whistleblowers, and defends individuals and businesses in government investigations. As a Branch Chief with the SEC Division of Enforcement, Lisa investigated a wide range of investment fraud and financial misconduct. Lisa is one of the 150 million individuals affected by the Equifax hack.

You can reach Lisa at (847) 906-3460 or BragancaLaw@gmail.com. You can follow Lisa on Twitter @LisaBraganca.

Disclaimer: This information is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. The information on this website is not legal advice and does not create an attorney-client relationship.