The committee will come to order. The chair is authorized to declare a risk a recess at any time. Entitledng is examining the Equifax Breach. September 7, equifax announced what it called a Cyber Security incident. 145 million u. S. Consumers, nearly half of all americans. If you are hearing my voice your either the victim of the breach or know someone who is. Thats how massive this was. Criminals got everything they need to steal your identity, open credit card accounts in thise and cause you may be the most harmful the world has ever seen. The companys response has left much to be desired. Equifax failed to disclose the breach to shareholders for weeks. Senior executives sold their equifax shares after the company knew of the breach but before they disclosed the breach. The federal trade commission will get to the the Justice Department will get to the bottom of this. By the federal trade commission is required. Congress must insure federal regulators do their jobs so justice can be
Mexico for five minutes. Thank you for being here today. Just thank you for being here today. You would describe the processes at eek fax with regard to outside hacks to be very engaged and pretty professional . We had a humanistic more or less. Is that kind of correct . Mr. Smith i would say we had two very important errors. I understand we have a lot of Critical Data here. Thismith i would describe as one that put a top priority on security. How much of your time in your 12 years did you spend each day security . Mr. Smith when i first came here we had no say ever security organizations. I made a priority 12 years ago to engage consultants and help scope it out. We went from basically no people how knowledgeable are you on the subject . Mr. Smith we had 13 reviews. You personally. Hade routine reviews routine reviews. How many times have these things ched under your watch . Mr. Smith to the best of my knowledge, there was one notification on march 8. Is the firm still using that soft
Organization as it functions on a day to day basis. Tonight, at 8 p. M. Eastern, on cspans q a. On thursday, richard smith, the former ceo and chairman equifax, testified on the data breach at his company that compromise the records of an 100 40 Million Consumers. This testimony to the House Financial Services committee was his fourth appearance before a Congressional Committee in a week. Its three hours and 15 minutes. The committee will come to order. The chair is authorized to declare a risk a t any time. Entitledng is examining the Equifax Breach. September 7, equifax announced what it called a Cyber Security incident. 145 million u. S. Consumers, nearly half of all americans. If you are hearing my voice your either the victim of the breach or know someone who is. Thats how massive this was. Criminals got everything they need to steal your identity, open credit card accounts in thise and cause you may be the most harmful the world has ever seen. The companys response has left much
First of all, want to thank all of you for being here today. Thank my Ranking Member carden and his staff and the flexibility they have. Its kind of interesting, ben cardin and i were maybe three of the last remaining of the class of what was yeah. 1987. Were we have lamar smith and a couple more. Anyway, its funny. Were on opposite sides and a lieutenant of issues that were always together in friendship as well as in infrastructure. As this weeks infrastructure week, its a great opportunity for us to highlight the critical needs we have in this country. Tomorrow the full committee will have the chance to question secretary chow. The Epw Committee led the charge to pass the fast act, the highway reauthorization bill that i personally worked on. This was the largest one since 1998. Nobody believed that wed get it done. Others thought that wed only get an 18month bill that senator boxer and i insisted on five years and it shows that people of different floss kiss can get along and make w
The meeting comes to order. First of all, we want to thank all of you for being here today and thank my friend Ranking Member cardon and his staff for the flexibility with the scheduling todays hearing. Its kind of interesting because ben cardon and i were are maybe three of the last remaining of the class of what was that . Yeah, 1987 chlt after the issue was behind us. This is beginning to be different. Were always together in friendship and in infrastructure. As this weeks infrastructure week, its good to highlight the critical needs we have in the country. Tomorrow the full committee will have the chance to question secretary chao and the administrations priorities and its my hope this hearing will be a productive lead into her visit. They led the pass to pass the fast act, the six reauthorization bill that i personally worked on. This is the largest one since 1998. Nobody believed that we would get it done and others thought we would get an 18month bill. But senator box eastern i