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https://www.reuters.com/article/us-...potential-to-profit-from-breach-idUSKBN1C92CU
“Equifax is making money, millions of dollars off its own screw-up and meanwhile the potential cost to Equifax are shockingly low,” Warren told Smith, 57, during the U.S. Senate Banking Committee hearing.
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WASHINGTON (Reuters) - U.S. Senator Elizabeth Warren criticized Equifax Inc (EFX.N) on Wednesday, saying it failed to protect customers adequately after a massive data breach and stood to gain financially from a hack that exposed information on more than 140 million people.
“The breach of your system has actually created more business opportunities for you,” Warren, a Democrat known for her consumer advocacy, told former Equifax Chief Executive Officer Richard Smith during his second congressional grilling this week.
In addition to providing consumer credit reports, Equifax offers products to protect people’s data from misuse.
Warren said this business mix creates a conflict of interest by making Equifax responsible for protecting consumer data while allowing it to profit from consumers’ attempts to mitigate the breach.
“Equifax is making money, millions of dollars off its own screw-up and meanwhile the potential cost to Equifax are shockingly low,” Warren told Smith, 57, during the U.S. Senate Banking Committee hearing.
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WASHINGTON (Reuters) - U.S. Senator Elizabeth Warren criticized Equifax Inc (EFX.N) on Wednesday, saying it failed to protect customers adequately after a massive data breach and stood to gain financially from a hack that exposed information on more than 140 million people.
“The breach of your system has actually created more business opportunities for you,” Warren, a Democrat known for her consumer advocacy, told former Equifax Chief Executive Officer Richard Smith during his second congressional grilling this week.
In addition to providing consumer credit reports, Equifax offers products to protect people’s data from misuse.
Warren said this business mix creates a conflict of interest by making Equifax responsible for protecting consumer data while allowing it to profit from consumers’ attempts to mitigate the breach.
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