You have probably heard of Equifax before if you’re checking your credit score, since it is one of the three giant Credit Bureau that gives you a score based on how responsible you are with your credit lines.
Well, this morning they finally announced that they were hacked during mid-May/June this year.
##The Dangers Looms Above Us All #For Consumers: As a consumer, you are placing faith in any company when you input information into their website and database, such as your email, passwords, or even your social security number. It is very concerning when many companies, such as Equifax, are clearly not investing enough into consumer security in their product, and now they are facing multi-million dolar law suits because of it.
This is not just a problem for the consumer and the company receiving their business, but this is also a problem for the industry. For those companies that have invested into consumer security, their reputation might even be placed on doubt. It only takes a few “bad apples” to ruin it for the entire industry.
#The Company: In my opinion, there’s close to no chance that any company that any company could totally regain the trust of consumers after an alledged database hack. It all relies on the timeliness of the report, and the amount of reponsibility and confidence the company takes over the issue.
It also helps when organizations do not back down from ransoms that many hacker groups have demanded. One company that I will highlight is Netflix (yes, I’m biased because I love Netflix). A hacker group stole content and demanded undisclosed sum and called it a “modest” offer. Netflix did not back down, and I respect them for it because of the value they hold. They refuse to give in to blackmailing, and it is with incidents like these that are not swept under the rug that strengthen companies from future attacks. It also makes hacking companies unprofittable for various hacker groups. You can read more about the Netflix incident here.