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The Federal Trade Commission (FTC) relies on Equifax Inc. with the strength of an angry kitten. The credit bureau is expected to pay about $ 650 million after revealing the confidential information of more than 145 million customers in the summer of 2017. This information included names, addresses, driver's license numbers and social security numbers.
Equifax waited nearly two months before reporting one of the largest security breaches in US history. The hackers were able to access a security breach that the company knew without remedying it. These details are extremely sensitive, as pointed out by Mark Begor, who was appointed CEO of Equifax in 2018 while he was being questioned.
.@RepKatiePorter To the CEO of Equifax: "If you agree that the disclosure of information such as that contained in your credit reports creates a prejudice … WHY do your lawyers argue in the Federal Court that no invasion of privacy was caused by your data breach? pic.twitter.com/fNFUCe4uRY
– AFR (@RealBankReform) February 26, 2019
Equifax Fine is Large, but not for Equifax
Although $ 650 million may seem like a high price, it's not that hard when Equifax has a net worth of more than $ 16.5 billion.
Should be taken out of service. These fines are laughable. https://t.co/TfEukVNMPf
– David Carroll (@profcarroll) July 20, 2019
Ed Mierzwinski, director of the federal consumer protection program of the US Public Interest Research Group (PIRG), described the deal as a "preferred deal" for a company that "failed in its core work."
Mierzwinski continues,
"Failure to protect privacy is a real detriment. we believe that Equifax should have paid for real money, not just "gone," and promised real changes to its botched practices of the last century. "
1/4 Sweetheart deal: 2 years ago @Equifax lost social security numbers of 148 million consumers. I say @NY Times a $ 650 million settlement of ALL (?) claims is not enough because our financial DNA is like gold & #privacy damage could still occur … https://t.co/KFWSCyAXzT
– Ed Mierzwinski (@edmpirg) July 20, 2019
Facebook eliminates a beautiful record
The news of the agreement with Equifax comes days after the FTC reached an agreement with another mbadive and careless company. Facebook would pay $ 5 billion to the FTC because of various data leaks that could have affected the last presidential election.
Cambridge Analytica stands out as the most egregious. The political data firm, hired by Trump's 2016 campaign team, had access to the private information of more than 50 million users.
The whistleblower Christopher Wylie said:
"We have exploited Facebook to collect profiles from millions of people. And built models to exploit what we knew about them and target their inner demons. This is the foundation on which the whole society has been built.
If $ 5 billion is a record fine, it hardly seems to affect the social media giant. Facebook reported more than $ 15 billion in revenue in the last quarter. Their market value has increased by more than $ 5 billion after the announcement of the fine.
Let's be honest: this settlement is a victory for Facebook. Just look at the markets. In the 15 minutes since the settlement was reported, the market value of Facebook has increased by more than $ 5 billion.
– Elizabeth Warren (@SenWarren) July 12, 2019
the fact that fb shares have increased instead of collapsing in the FTC's news is history https://t.co/SztA1iAyOg pic.twitter.com/qDrzaR8J4Q
– king of rats (@MikeIsaac) July 12, 2019
Bitcoin and Blockchain are the answer
As Congress deliberates on Facebook's new cryptocurrency, Libra, some lawmakers are starting to understand the value of bitcoin. Patrick McHenry (R-NC), Financial Services Committee representative, recently described Bitcoin as "an unstoppable force," said Congressman Warren Davidson: "There are bitcoins and then shitcoins."
Hackers, thieves and manipulators seem to be evolving faster than the companies they target. The need for a new paradigm remains strong. While cryptocurrency trading has its own work in security, bitcoin-based technology has proven successful over the last 10 years.
And as our identities become more digital, they become more vulnerable to attack and mismanagement. Businesses should no longer hold the keys to our private information. Decentralized identity companies are on the rise. Some companies such as IBM and Microsoft are beginning to perceive the interest of blockchain technology for identity management. It's time to realize our true identity as people who can control their data.
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