This committee will come to order. This morning we will hear testimony from Richard Smith, former chairman and chief executive officer of equifax who held those positions until last week. I understand that you are now serving as an unpaid adviser to the company and appreciate your willingness to testify here and appear about the events surrounding the breach and equifaxs response while you were leading the company. Given the severity of the data breach, congress will continue to examine the facts behind it and what can be done to prevent similar situations. Sign r security is one of the most pressing issues facing companies as well as consumers and governments alike. And is one of the biggest threats to our financial system. The amount of data that the private industry and government collect and store is very concerning. Theres intrinsic vulnerability in collecting information and we e need to have a meaningful discussion on how to protect and limit access to it. The Banking Committee
Committee will come to order. A recess at the committee of any time and all will have five days for inclusion in the record. Entitled examining the equifax data breach. On september 7th equifax announced a Cyber Security incident. It effected 145 million u. S. Consumers, nearly half of all americans. In other words if your hearing my voice youre either the victim or you know someone who is. Thats how massive this brief was. Criminals got basically everything they need to steal your identity, open credit card accounts in your name it may with b the most harmful the world has ever seen the companys response has left much to be desired. For weeks equifax about whether people were victims of the breach or not. And beyond brief they sold their equifax before the company disclosed the breach. I trust the Justice Department will get to the bottom of this. Clearly action by the federal trade commission and potentially other regulators is required. Congress must ensure federal regulators do the
In the world. Im convinced that the story helped me get the job at the post. American history tv all weekend every weekend only on former equifax ceo, richard smith, testified today before the House Financial Services committee. Its the fourth time hes been before lawmakers this week. Theyre looking into the equifax data breach, which exposed private information from nearly 146 Million People. All four hearings are available in our Video Library at cspan. Org. [ banging gavel ] the committee will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time, and all members will have five legislative days within which to submit extraneous material to the chair for inclusion in the record. The hearing is entitled examining the equifax data breach. I now recognize myself for threeandahalf minutes to give an opening statement. September 7th, equifax announced what it called a, quote, Cyber Security incident at its business. That potentially aff
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
Hold a minority hearing on the equifax data breach. Commanding properly supported by the majority of minority members. The gentlemane from california, chairman of our Foreign Affairs committee. Mr. Chairman, thank you. I thank mr. Smith for being here today. Ande september 7, my office all these offices have received a lot of angry and anxious socalled and emailed by our constituents and i think one of the things that really stands out is how can a company that deals in data not protect that data. Es in whate answer li your company did not do. You did not protect their personal information. You did not encrypt that data. You did not catch a vulnerability patch a vulnerability you were alerted 8. On march he did not disclose the breach to the public until 120 days after it occurred and the insidertrading allegations only add fuel to the fire. Before september 7, who else outside the company, your heart Legal Counsel and the fbi hired Legal Counsel and the fbi, who was made notified of t