Equifax was aware of vulnerabilities prior to data breach

Equifax was aware of vulnerabilities prior to data breach

Werner is encouraging people to call their senators, and support the American Consumer Financial Protection Bureau's arbitration rule, which allows the public to file lawsuits against large financial providers like Equifax.

Last week, Smith stepped down from Equifax, and is leaving with a golden parachute that might be worth more than $18 million, Bloomberg reported.

Smith was pressed early in the hearing about executive stock sales that took place before the hack was disclosed to the public.

Warren introduced a bill last month to bar companies like Equifax from profiting off of data breaches.

The data breach saw the social security numbers and other personal information of 145.5 million Americans compromised, leaving most of adults in the United States open to identity theft.

That means that the Social Security numbers, names, addresses and other personal information of as many as 145.5 million people are at risk of being used by crooks.

Equifax keeps a trove of consumer data for banks and other creditors who want to know whether a customer is likely to default.

Senators Jon Tester, a Democrat from Montana, and Tim Scott, a South Carolina Republican, pummeled Smith with questions Tuesday about what executives knew when they sold stock worth nearly $1.8 million soon after the problem was discovered. According to the posting, Equifax will "assist in ongoing identity verification and validations" for the IRS.

The IRS termed the contract a "sole source order", meaning Equifax is the only company able to provide the service.

A person dressed in a block top hot with a bushy white mustache and wearing a monocle appeared during the Senate Banking Committee hearing on the Equifax data breach Wednesday afternoon. "Because of this breach, consumers will spend the rest of their lives worrying about identity theft", she said. But Equifax will be just fine―heck, it could actually come out ahead.

Former chief executive Richard Smith is slated to testify in front of four congressional committees this week, and frustrated lawmakers are expected to grill him on the company's cybersecurity practices, its immediate response to the hack and reports of insider trading.

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