Securing online data is one of the most important aspects that a business should concentrate on. This is especially true if the business contains sensitive data on customers. Equifax has been in the news lately due to a data breach that occurred several months ago. It took the company too long to let customers know of the breach.
In addition, some of the leaders at Equifax sold their company stock right after they found out about the hack. This is a major issue that is infuriating customers. In light of the scandal, the CEO of Equifax recently decided to retire. This is a major issue that is not going to go away quickly.
With all of the different online options today, securing online data is essential for companies. Although it can be expensive to invest in data security, it is much more expensive to deal with a massive data breach. There are many people who are tired of dealing with companies who do not take customer data seriously.
Hackers have more technology options than ever before to retrieve data. In the Equifax data breach, hundreds of millions of people had their data stolen from the online vaults. This is going to be an issue for people in the coming years. If someone takes out a loan in your name, you will not know until you run your credit report.
When running a business, customer service is key. There are few companies that truly want to help customers once an issue happens. This is evident in the way that Equifax responded to this issue. Not only did the company neglect to tell customers, but they also did not help customers after telling them of the issue.
The company did allow customers to get a free credit check. However, this only showed customers if they had been hacked. This is a great example of a company that lacks customer service and care.
Since the data breach announcement went out, the company has lost a huge percentage of its overall value. There are many people who believe the leaders of the company should be held legally liable for the damages that people are going to incur. This is a great lesson for other business leaders to learn from.