WASHINGTON D.C. – The former CEOs of Yahoo and Equifax were part of a hearing in front of a Senate Commerce Committee this week.
Former Equifax CEO Richard Smith and Former Yahoo CEO Marissa Mayer apologized to their consumers.
Under their watches, hackers got into their system and exposed people’s personal information.
Hackers likely got their hands on the personal information of 145 million Americans in the Equifax data breach. A hack in 2013, affected all of Yahoo’s 3 billion users.
What’s going to be done to keep this from happening again?
Panelists at the hearing said it starts with not using social security numbers as the main identifier.
“Social security number a static identity as a basis for our online identity will not be secure is not secure and will never be secure in the future,” said Todd Wilkinson, CEO of Entrust Datacard Corp.
Industry leaders and the government agreed they need to work together to strengthen data security. However, no one knows when that will happen.
Consumers Union wants you to act right now.
It sent the Equifax a list of 7 steps it should take to protect potential victims.
The list includes:
- Pay for credit freezes
- Extend credit monitoring for affected consumers
- Provide detailed information about the security incident
- Remove all mandatory arbitration clauses
- Commit to hearing and training sufficient staff to review and process disputes promptly
- Set aside a fund to compensate consumers whose data was exposed
- Investigate allegations of insider trading and hold wrongdoers accountable
It’s also part of a Petition to Equifax. Click Here to sign it