Network security is any action taken to protect the usability and integrity of the network and data. Effective network security prevents hackers from entering into network leading to access to personal data.
Equifax company which is one of the largest credit rating giant in the world and also it usually entrusted with some sensitive data used by banks and financiers to determine who can lend money. But on July 2017 the company’s data was hacked and over 145.5 million data records were exposed with personal information including names, financial details, driving license, passwords, addresses, date of birth and social security number. In addition, 209,000 consumers credit cards were exposed.
It is believed that the hackers exploited a U.S website application vulnerability to get to certain files. And according to company investigation, the hacking took place between the mid- may through to July 2017. But the company never found any evidence of unauthorized activity on Equifax core consumers credit reporting database. Moreover, the Equifax also noted that data about some Britons and Canadians may have been stolen.
Equifax also faces issues of hackers using the hackers information to apply for loans. It has led to banks incurring a lot of losses up to 1 million because the company had to compensate customers and also, they had to pay fines to the government for failing to address the issue of data exposure on time. Equifax at that time market price falls to 15%.
Equifax issues were resolves through launching a website (www.equifaxsecurity2017.com) for the customers who were impacted, this will offer credit monitoring to all U.S customers. The company will also be contacting the direct impacted via USPS with additional details. Moreover, the company has hired a forensics firm to help with investing and offering a guide on preventing such a data breach from happening and lastly keenly addressing the outcome of cybersecurity and how to get rid off, this can be enhanced through the employment of qualified personnel to monitor the network frequently.
Morgan, S. (2016). One million cybersecurity job openings in 2016. Forbes, January, 2.