Financial regulators from eight states impose new rules in the wake of the credit reporting agency’s historic breach.
An article review.
The investigation by federal regulators and law enforcement officials into the breach that resulted in the release of over 140 million people’s personal information is still ongoing, but Equifax has already reached an agreement with the financial regulators from eight states according to a recent release.
The terms of the agreement, which an Equifax spokesperson suggests has already largely been implemented by the company, includes provisions that allow punitive actions to be taken if the company is not found to be in compliance.
Among the requirements for Equifax are items that should be familiar to many of us working in IT, especially those in regulated industries–and include subjects such as vendor due diligence, security patch management and the development of written policies and directives for data security. If you’re thinking that these things should be in place whether or not a company is required to do so by law you wouldn’t be alone: the article quotes California’s business oversight commissioner as stating that the Equifax breach, “should have never happened.”
This agreement should help make sure that Equifax is not the victim of another breach, and will hopefully serve as a reminder to other businesses that aren’t taking their customer’s security as seriously as they should: While you may not be required to do so now, should the worst come to pass it is likely that you will be ordered to implement these basic steps as restitution.
Original article by Stacy Cowley reporting for The New York Times.