Company that we appreciate your willingness to testify here about the events surrounding the breach and equifax response what you were leading the company. Given the severity congress will continue to examine the facts and what can be done to prevent similar situations cyber securities one of the most pressing issues facing Companies Consumers and governments alike is one of the biggest threats to the Financial System the amount of data us the industry collective stores very concerning intrinsic vulnerability collecting and storing personal information when you have the Banking Committee takes the oversight seriously and Financial Institutions Credit Bureau serves the critical function to be a daily part of every americans intersect and get credit cards and car loans and mortgages and other items such as when they directly request day could report like as a background check to determine their eligibility. To easily access credit is one of the things that makes the economy and country t
This hearing on the Judiciary Committee subcommittee on privacy, technology, and the law will come to order. We are here to address Cyber Security concerns in the data broker industry. This is not the first time our subcommittee has gathered to do so, after several Security Breach last august we held a hearing to ask the question of how secure is consumers data in the hands of data brokers . The answer, not very secure. Industrybroker immediately responded by committing to take seriously Security Issues and pledging to dedicate resources to Data Protection measures. Yet here we are two years later in the wake of what we now know is the largest breach ever of private consumer data. We are trying to figure out how it happened once again. It happened because data brokers have created an industrywide culture that appears not to prioritize the security of consumers information. Traditional data brokers, those who make a profit from buying and selling data to other companies, have very littl
This is one of several appearances he made. This is two hours. This is two hours. The committee will come to order it as we hear testimony from a the ceo from equifax that held those positions until last week i understand you are now an unpaid advisor to the company that we appreciate your willingness to testify here about the events surrounding the breach and equifax response what you were leading the company. Given the severity congress will continue to examine the facts and what can be done to prevent similar situations cyber securities one of the most pressing issues facing Companies Consumers and governments alike is one of the biggest threats to the Financial System the amount of data us the industry collective stores very concerning intrinsic vulnerability collecting and storing personal information when you have the Banking Committee takes the oversight seriously and Financial Institutions Credit Bureau serves the critical function to be a daily part of every americans intersec
Executive officer of equifax who held those positions until last week. I understand that youre now serving as an unpaid adviser to the company and appreciate your willingness to testify here and appear and testify about the events surrounding the brief and equifaxs response while you were leading the company. Congress will continue to examine the facts. Cybersecurity is one of the most important issues facing companies as well as consumers and government 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. There is intrinsic vulnerability in collecting and storing personal Financial Information, and we need to have a meaningful discussion on how to protect and limit access to it. The Banking Committee takes its oversight of Credit Bureaus seriously. As they are Financial Institutions under the grand leach bliley act. Credit bureaus serve a critical function in our Financial Sys
It was mr. Smiths third such questioning in a weeks time. And most of the subcommittees inquiries focused on the speed of the Credit Reporting agencys response to the knowledge its data servicers had been infiltrated by nefarious forces. This is about an hour and 40 minutes. Jo this hearing of the subcommittee on privacy, technology, and law, will come to order. Were here to examine per sis sent cybersecurity concerns in the data broker industry. This is not the first time our subcommittee has gathered to do so after a cybersecurity breach last august, we held a hearing to ask the question how secure is consumers data in the hands of data brokers. The answer, not very secure. The industry immediately responded by committing to take serious Security Issues and pledging to dedicate resources toward Data Protection measures. Yet here we are two years later in the wake of what we now know as the largest breach of private consumer data. Were trying to figure out how it happened once again.