by wjw on September 12, 2017

So . . . the credit rating agency Equifax suffered a data breach that allowed criminals to gain access to the personal details of 143 million people, including names and social security numbers.  All anyone would need to perpetrate massive acts of identity theft.

But that doesn’t mean their top executives can’t make a few bucks, right?

Within 24 hours of the breach being discovered on July 29, three Equifax executives sold $2 million of their own stock.

The announcement of the data breach didn’t come till September 7.  Equifax said that the executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”


Equifax has now set up a site where you can find out whether or not your information was compromised, but Equifax’s terms of service also state that anyone using the site waives their right to a class-action lawsuit.  They say the waiver doesn’t apply to the cyber attack.

Umm, yeah.

Sounds like they’re right on top of the problem, no?

IronOre September 13, 2017 at 9:45 am

You have a typo in this post. The question mark after “Criminals” should be a period.

Christopher Derrick September 13, 2017 at 6:16 pm

I wonder if they made any money shorting it before the public announcement. Or were they smart enough to avoid being that obvious?

kpacheneg September 16, 2017 at 12:01 pm

Apparently US law doesn’t actually allow for a TOS to block class-action suits and victims are already organizing, so that’s something at least.

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