It took less than seven hours, for credit report company Equifax Inc to be slammed with two lawsuits following the firm's digital breach that affected 143 million American consumers. As news unfolds the avalanche builds and many shareholders are preparing to enter the fighting ring.
But what are the real implications here, one asks? With allegations of inside trading adding to the broth, the common person has been left once again with that same old feeling of disbelief.
Sure, as the long battle starts in the court, looking to endure for many tiring years, one asks if a multi-million dollar fine, (the outcome of it all, we are sure) is enough, when the breach itself led to the release of such personal data as consumer credit reports, social security numbers, credit card numbers and driver's license numbers?
In a day and age where some in government try to push into a globalised cashless society, this may come as the greeting card which welcomes the citizen to the reality of a digital world: A world where a credit account may be opened by hackers in the consumer's name.
How safe is Equifax Inc's digital information?
With access to anyone's Personal Data, it won't need a witty mind to file an income tax return under a false name and receive a refund before the consumer even files his or her taxes.
What to think of all this when the cherry on top is - surprise, surprise - the firm's chief financial officer John Gamble and two other senior executives cashing in on almost $2 million of Equifax stock, just after the incident?
This according to Business Insider's #Mohammed Hadi and #Bryan Logan.
Responding to the matter by simply stating that the company was not aware of the breach (when making their stock sales) sounds ludicrous and shocking, to say the least. Especially if one considers the company waited until September, 7 to announce a Hacking had occurred on July, 29.
Equifax Inc: Sweeping under the carpet?
Deeply rooted in our mindsets lives an endless need for trust, we agree but, sadly, it walks hand in hand with that everlasting doubt, entailed on all aspects that manage society.
With that in mind, it is important to mention that Equifax handles about 900 million consumers and almost 100 million businesses worldwide.
With its almost 20 percent drop in share price (last Friday), sponging out over 3 billion dollars of the company's market value, one easily feels the pressure mounting.
Attempting to grasp the intrinsic value of that alone is overwhelming. Staggering would be the conclusion that, perhaps, dark days are upon Equifax. Honestly, though, empirical judgement tells me that it might all have been just another day in the office.
