News for hackers. Stuff that matters.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by hetspookjee on Wednesday September 19, 2018 @01:24PM (#18025881)
Meanwhile Equifax stock is at ~130 compared to ~145 it had before the news broke of the back. With their lowest dip at ~90 and a long time dragging along at ~110.

¯\_(ツ)_/¯

I'm seriously considering that on the next massive data breach of a public traded company I'm gonna buy some stock in the onset. Even though it feels like betting against my own principles it just seems like a too good of an opportunity to miss out on...

Re:Equifax IT staff had to rerun hackers' queries to work ou... by 3pt14159 on Wednesday September 19, 2018 @02:10PM (#18026345)
I've come to the conclusion that whatever is computerized is going to be leaked. Health records? Might as well open source them for all I care. Red team is tenacious and the steps you have to take to actually keep everything secure make you seem unreasonable.

I've moved on. It's more important to focus on election security and physical security at this point. Infosec is dead. Five years ago Bruce Schneier wrote a book called "Carry On" now he has one called "Click Here to Kill Everybody".

Just five years.

We're in a technological growth feedback function and we're unable to predict it.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by ergothus on Wednesday September 19, 2018 @02:23PM (#18026447)
Author David Brin has (relatively) long advocated that we have two options: shoot for privacy resulting in those with power able to access the "private" info, or have it open where everyone can access. He then argues for the latter because it minimizes rather than maximizes abuse. (I'm paraphrasing and summarizing, possibly poorly)

I struggle with being _comfortable_ with that idea, but I don't have a problem believing the technical accuracy of it.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by xevb3k on Wednesday September 19, 2018 @04:20PM (#18027386)
Interestingly (because the parent is about Schneier). IIRC Schneier argues against this.

The argument is that even if everybody has access to all information, only a small group is able to exploit that access effectively.

So, you still end up with a small group abusing their access to the information. You should therefore aim for privacy of sensitive information.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by cortesoft on Wednesday September 19, 2018 @07:06PM (#18028377)
Yeah, I think a good example of this is thinking about something like license plate scanning.

Technically, this is not taking advantage of any public information. It is just capturing images of things happening in public. Anyone could set up a camera and capture license plates as they drive through an intersection.

So is it totally fine for a police force to scan license plates at every intersection?

The question is complicated, because the effect on people changes when you do something that is not worrisome on a small scale in an automated way at a large scale. When you add in that the people doing it have a large amount of power over people and it changes it even more.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by komali2 on Wednesday September 19, 2018 @07:38PM (#18028523)
Well hold on, the difference there is the police can cross reference scanned plates against other databases the public doesn't have access to, yeah? Or is there some way to id plates against names? If there is I wanna know cause I wanna ID whoever knocked my motorcycle over
Re:Equifax IT staff had to rerun hackers' queries to work ou... by xevb3k on Wednesday September 19, 2018 @09:32PM (#18029074)
If you had near continuous location information for a license plate it would be relatively simple to use it to narrow it down to a small group of people.

I’d imagine it would be relatively easy to figure out where someone works and/or lives and just go find them.

Correlating across multiple public databases might make things even easier.

But I don’t think this is the point of the argument. The point is that those in power can gain more benefit from the information than the general population.

Let’s say all votes in elections become public. That information is more useful to a powerful political party than to the public at large, or a small unfunded group. If you don’t want that information abused, the argument goes, you should make sure it’s kept private.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by dredmorbius on Wednesday September 19, 2018 @05:04PM (#18027690)
In practice, the forced revelation of information makes individual privilege and power more important. When everyone has to play with their cards on the table, so to speak, then people who feel like they can be themselves without consequence do so freely -- these generally being people with support groups of like-minded people, and who are neither economically nor physically vulnerable. People who are more vulnerable to consequences use concealment as a method of protection: it makes it possible to speak freely about controversial subjects, or even about any subjects, without fear of harassment.

-- Yonatan Zunger, chief architect, Google+

https://plus.google.com/+YonatanZunger/posts/WegYVNkZQqq

Re:Equifax IT staff had to rerun hackers' queries to work ou... by WorldMaker on Thursday September 20, 2018 @11:34AM (#18033196)
For anyone curious for more information, Dr. Brin's largest work on the subject is the non-fiction collection of essays called The Transparent Society: https://en.wikipedia.org/wiki/The_Transparent_Society

Published in 1998, I think it's probably still the most fascinating work on privacy of the post-internet age.

More fun fictional explorations of the subject can be found in his novels Kiln People and Earth.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by cuboidGoat on Wednesday September 19, 2018 @03:08PM (#18026853)
I worked in a factory that produces critical parts for both the nuclear industry and the silicon fabs. Their main software stack is old dos software with a win95 front end bolted on running in compatibility mode with an integrated database that went obsolete in the early '90s.

I asked them what protections they took against hacking, and they told me that nobody would be interested in what they do, so they didn't have to spend any money on protecting themselves.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by jakelarkin on Wednesday September 19, 2018 @03:16PM (#18026909)
security by obsolescence is a thing too
Re:Equifax IT staff had to rerun hackers' queries to work ou... by FactolSarin on Wednesday September 19, 2018 @04:48PM (#18027583)
It's actually one of the security layers for America's nuclear arsenal

https://www.businessinsider.com/hacker-us-nukes-report-2016-...

Re:Equifax IT staff had to rerun hackers' queries to work ou... by cuboidGoat on Wednesday September 19, 2018 @06:49PM (#18028264)
Security by obsolescence isn't the thing where you just dump old code on internet connected computers and steadfastly refuse to do any form of technical assessment other then "Does it run?", due to the assumption that nobody would be interested in screwing you over, though.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by FactolSarin on Wednesday September 19, 2018 @04:49PM (#18027591)
Was that computer connected to the Internet? If not, then no problem.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by EvanAnderson on Wednesday September 19, 2018 @04:59PM (#18027661)
Define "the Internet". Do contractors plug laptops into the network with these "air gapped" computers? How about IoT devices? Printers? I can't recall who said it, but a venerable infosec practitioner once said "Think of an air gap as a very high-latency connection."
Re:Equifax IT staff had to rerun hackers' queries to work ou... by caymanjim on Wednesday September 19, 2018 @05:14PM (#18027770)
Air gapping is often "good enough" protection for all but the most sensitive and desirable targets, even if people plug things into them all the time. An air-gapped PC might get a virus that way, which could be damaging in some way, but it's not something that most companies need to worry about.

A counter-example is something like Stuxnet; that likely leapt an air gap, but it was exquisitely targeted for that scenario. I'd worry about this as a nuclear component manufacturer.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by FactolSarin on Wednesday September 19, 2018 @06:55PM (#18028298)
Stuxnet was spread via a USB stick. You know what doesn't have a USB port? A computer from 1995. :)

An ancient piece of air-gaped hardware is pretty bulletproof. I bet the NSA would have more trouble hacking it than a fully up to date install of <modern OS> that is on the Internet.

It's very possible the biggest threat vector is leaving the door unlocked.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by 3pt14159 on Thursday September 20, 2018 @08:19AM (#18031718)
Even though I'm largely against air gaps as a defensive measure, there is something to this. Though I think the breadth of the problem isn't properly appreciated. It's too dimensional. There are too many unforeseen interactions and complications with computers and the humans in the organizations that run them. Even leaving aside moles[0] people trust to easily and often have interests that are odds with their organization.

[0] Which, why should we? The world has moles.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by cuboidGoat on Wednesday September 19, 2018 @05:37PM (#18027915)
Yes, of course it was.

Anything with a network port was plugged into the lan, which was plugged into the free router that came with the business broadband package.

Which was also the only firewall and it was still on factory defaults other than the wireless password.

As far as I can tell this is more or less standard business practice in the small to medium enterprise sector here, which is to say, the vast majority of specialist engineering companies in the UK.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by darpa_escapee on Wednesday September 19, 2018 @05:54PM (#18027991)
Stuxnet.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by jugg1es on Wednesday September 19, 2018 @06:46PM (#18028249)
I work for a healthcare IT company that deals with tons of PHI (protected health information) and we have very strict security practices. New software is extensively evaluated at several points in the SDLC for security issues and access is tightly controlled. Engineers and CEOs have been held personally liable for major breaches (not my company!). Health records are WAY more protected than your SSN. If what happened to Equifax happened to a company like Epic, they would go out of business.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by rficcaglia on Wednesday September 19, 2018 @09:30PM (#18029069)
Epic is not hosted software, it is installed and heavily customized at each hospital. Epic doesn’t have a global db of all patient records.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by specialist on Wednesday September 19, 2018 @08:54PM (#18028887)
None of your systems store patient data encrypted at rest.

Inadvertent data breaches are inevitable.

The very best you could possibly do is access logs and auditing. Which of your customers do any kind of auditing?

Re:Equifax IT staff had to rerun hackers' queries to work ou... by sterwill on Thursday September 20, 2018 @07:59AM (#18031586)
Although at-rest encryption of health data is an addressable part of US health regulations, not a required one, it's almost always done because it's easy and effective. Most electronic health records are encrypted at-rest.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by specialist on Thursday September 20, 2018 @09:57AM (#18032466)
I should have been more clear.

I'm advocating Translucent Database techniques, where patient data is encrypted at the field and row (document) level. Much like a salted password file.

System level encryption still means the admins can still see the data. Therefore, breaches remain inevitable.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by paul_milovanov on Wednesday September 19, 2018 @10:31PM (#18029327)
Hold on, do you know for a fact that EPIC specifically doesn't encrypt data at rest? I'm not questioning your competence/knowledge, just trying to understand specifically what you're saying.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by specialist on Thursday September 20, 2018 @12:48AM (#18029854)
The database or file system is likely (hopefully) encrypted. I'm referring to record and field level encryption. Like this:

Translucent Databases http://a.co/d/5855TYO http://wayner.org/node/46

Think of how password databases don't actually store passwords. Instead they (should) be storing salted and hashed passwords.

---

Please see my other comment about plaintext demographic data vs using unique identifiers.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by jugg1es on Thursday September 20, 2018 @08:29AM (#18031795)
Literally every single system we have stores patient data encrypted at rest.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by specialist on Wednesday September 19, 2018 @08:50PM (#18028871)
I've worked on both election integrity and electronic medical record exchanges. I care very much about privacy.

Your conclusion is correct.

Medical records cannot be encrypted so long as demographic data must be stored in plaintext. Otherwise how would we do record matching (linking) across heterogenous systems?

The fix is to use universal identifiers. Once you moot the record matching problem, you can use translucent database techniques to anonymize patient data.

I don't expect the USA to adopt an official centralized universal identifier for people any time soon. And none of the 3rd party solutions (NSA, LexisNexus, ChoicePoint, Facebook, etc) are acceptable, for various reasons.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by Kostchei on Wednesday September 19, 2018 @09:30PM (#18029068)
Homomorphic encryption, anonomized data coupled with metadata, searching via k-Anonymity models.

I mean, sure it has a cost, some of this stuff is new, but to say "cannot be encrypted"... that's where the fun is- working out how to do it.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by paul_milovanov on Wednesday September 19, 2018 @10:33PM (#18029332)
Hold on, even if you keep the demographic data in plaintext, surely you can encrypt the actual HIPAA-protected data?
Re:Equifax IT staff had to rerun hackers' queries to work ou... by specialist on Thursday September 20, 2018 @12:52AM (#18029874)
If you figure out how to do that, please let me know. Maybe there's some new math or tricks since I worked in this domain.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by sterwill on Thursday September 20, 2018 @08:08AM (#18031642)
You can meet an at-rest encryption requirements in a lot of environments by flipping on disk-level, filesystem-level, or database-level encryption where the encryption keys aren't stored on that disk.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by paul_milovanov on Saturday September 22, 2018 @10:56AM (#18046209)
Exactly. Google has a nice internal solution where data at rest is encrypted with a record-unique (or bucket-unique) key and a separate system decides whether to give you that key based on whether you give it auth tokens that entitle you to access to that record. That way, having direct access to the datastore doesn't give you automatic access to everybody's data, and all access is auditable. (And data can be "deleted" wherever it has been replicated just by deleting that key for good at the centralized key store).

Obviously, some admins/sres still need to have full access to the key store, but that can be a very small group, as compared to a situation where "every Gmail engineer can read every user's email".

Edit: on reading the summary blurb from the "translucent databases" book link that @specialist posted, what I described above is very much along those lines.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by TangoTrotFox on Thursday September 20, 2018 @01:45AM (#18030044)
Leaked is the best word. It doesn't even have to be hackers or outside forces. An individual on the inside maliciously or ineptly handling records is another way things will get leaked. And will is the right word. In the digital age it's not a question of if something will get leaked, but when. And as systems become more complex and companies more expansive this is only going to become more true. And I think this is the point of view people should make when deciding what information to yield to companies, or deciding on their position of things like 'surveillance for your safety.'
Re:Equifax IT staff had to rerun hackers' queries to work ou... by s_dev on Wednesday September 19, 2018 @01:53PM (#18026168)
I'm still at a loss as to how Ashely Madison is still going after their data breach.

Everyone user on that site (99% male) was exposed as a complete chump -- it's still a functioning business ...

Re:Equifax IT staff had to rerun hackers' queries to work ou... by ergothus on Wednesday September 19, 2018 @02:25PM (#18026467)
I'm confused that they had a business BEFORE their data breach. That the same people who thought it was a good idea to publicly search and advertise for a secret affair would continue doing so after a privacy breach is less of a shock.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by poulsbohemian on Wednesday September 19, 2018 @02:55PM (#18026726)
I once worked at a company that did about $50 million / year at 19.95/mo/customer where about 99% of those customers had forgotten they ever signed up. So it isn’t that surprising AM is still in business.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by NikolaNovak on Wednesday September 19, 2018 @05:13PM (#18027762)
This is not actually an unreasonable business model, and is explicitly the profitability criteria for most gyms / fitness clubs.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by beering on Wednesday September 19, 2018 @03:36PM (#18027058)
AOL?
Re:Equifax IT staff had to rerun hackers' queries to work ou... by poulsbohemian on Wednesday September 19, 2018 @03:58PM (#18027226)
No, but more or less of that era. What was really interesting about it was that while I think there had been some dubious tactics to lure people to the product (before my time), the team I was on legitimately wanted to create a useful / valuable product for customers. Ironically, in the course of doing that it drove customers away as they became aware that they had signed up for this thing they had completely forgotten about. So in the course of making right with customers, that $50+MM/year stream disappeared from the company. There's a business lesson or two in there somewhere, but I'm not sure I like what it might say.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by AlexCoventry on Thursday September 20, 2018 @01:01AM (#18029900)
> I'm not sure I like what it might say.

To me it says economic performance isn't everything, and I like that idea.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by village-idiot on Wednesday September 19, 2018 @03:31PM (#18027028)
I’m surprised that anyone thought there were a lot of women on that site. To me it seemed one step up fronm “Hot singles in <IP address location>!” Laughably transparent with a side order of extra skeeze.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by x0x0 on Wednesday September 19, 2018 @03:56PM (#18027221)
It turns out -- IIRC -- that Ashley Madison was basically hiring women to flirt with potential customers. Something like that came out in the dump.

quick google: https://splinternews.com/ashley-madison-comes-clean-about-al...

Re:Equifax IT staff had to rerun hackers' queries to work ou... by village-idiot on Wednesday September 19, 2018 @07:16PM (#18028424)
I understand that, I’m just shocked anyone fell for it.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by InterestBazinga on Wednesday September 19, 2018 @08:34PM (#18028788)
"Nobody ever went broke underestimating the intelligence of the American public." - H. L. Mencken
Re:Equifax IT staff had to rerun hackers' queries to work ou... by dickinson99 on Wednesday September 19, 2018 @02:01PM (#18026256)
Where does this 99% figure come from? And how did they get exposed? Did someone contact everyone's friends and family that got leaked?
Re:Equifax IT staff had to rerun hackers' queries to work ou... by s_dev on Wednesday September 19, 2018 @02:09PM (#18026338)
>Where does this 99% figure come from?

The data is public now -- AM were blackmailed and didn't pay -- I guess you can take a sample of the email addresses and compare with public profiles that match the emails. There were virtually no women -- in fact they were so paranoid the men would realize there weren't any women to have extra marital affairs with they had -- bots -- that flirted now and again just to keep the men paying.

Plenty of reporting was done on it after the breach. I recall saying to people that this would be a good example of a breach that would destroy a company by exposing that it's value proposition was nothing. I guess I was very wrong.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by cbhl on Wednesday September 19, 2018 @02:52PM (#18026712)
What if there is a value proposition in paying to have a bot flirt with you now and again?

I'm reminded of the entire "robot boyfriend/girlfriend" genre of TV/Movies/Comics from Japan/Korea, plus the "dating simulator" genre of video games. These are more fantasy-fulfillment, though.

I honestly think it would be a net good for society to have simulators/bots that teach people how to have real, healthy relationships with other humans. (There are anecdoates about kids with autism who became more verbal once they started talking to Siri or the Google Assistant, for example.) But I feel like working on or using such tools would probably be as stigmatized as sex toys in the near/medium term.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by darpa_escapee on Wednesday September 19, 2018 @05:59PM (#18028009)
There's a difference between seeking out human interaction and then being deceived by a company's bots, and intentionally seeking out bots.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by village-idiot on Wednesday September 19, 2018 @03:32PM (#18027035)
It’s more sad and funny to outside observers, that’s all.

Also, their target audience is nominally married people. So either these people have a fetish for cheating (weird, but not my problem), or they already are in relationships of some sort of another. One would hope that a bit couldn’t teach them anything new at that point.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by jandrese on Wednesday September 19, 2018 @02:43PM (#18026624)
Maybe it's the perfect place to cheat on your wife with a dude? I've never looked into their site, but maybe it is in practice a gay hookup place?

Or maybe the bots are so good they should just sell those as a service? Why bother chatting with a real woman when the bot experience is better? As I say this, why isn't it a thing already? Chatbot hookers. It has to be a thing already. The interactive experience for a fraction of the price. Or do camgirls set the price floor too low to make this viable?

It seems like our NLP AIs should be advanced enough to make a pretty compelling chatbots by now. People were fooled by Eliza 40 years ago. A lot of porn is pretty formulaic too, so getting the common case right shouldn't be that hard.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by crunchlibrarian on Wednesday September 19, 2018 @01:37PM (#18026013)
Several Wells Fargo executives came right out and openly confessed to fraud and theft of consumers' money, and none of them are in jail and the company has not been adversely affected in the slightest.

They paid some fines equivalent to what they make in profit every 13 hours. That's it. Nothing else.

If you're running a large profitable company why should you care about security at all? Why should you care about the rule of law at all? There is no accountability, there is no culpability, nobody will ever get in trouble.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by derekp7 on Wednesday September 19, 2018 @02:02PM (#18026268)
The Wells Fargo thing I really don't understand -- even without government action, I can't believe that they still have customers. How does that happen? I know that when a car dealer does the financing, you may not know who the lender is until you get your first bill, but even so I can't see anyone willingly going with them for any accounts (savings/checking, loans, etc).
Re:Equifax IT staff had to rerun hackers' queries to work ou... by tristor on Wednesday September 19, 2018 @05:17PM (#18027802)
I'm a Well's Fargo "customer" (more like a hostage) because they bought my mortgage from the local lender I originally went through. I have no legal way to stop being a Well's Fargo "customer" that does not result in direct and long-term financial penalties. Considering that they hold one of the largest mortgage portfolios in the US, I'd guess that many other "customers" of Well's Fargo are in the same boat.

I hate both Bank of America and Well's Fargo with a passion and the outcome of 2008 didn't dissuade my disgust at them. Unfortunately both hold loans from me that I did not initially originate with them.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by Cyph0n on Wednesday September 19, 2018 @02:18PM (#18026400)
I've been a customer since before the fiasco and haven't changed because they have a ton of branches in the area and they have been great at quickly solving any issues I run into.

I've started using Chase and Cap One online but they have zero branches in my entire city...

Re:Equifax IT staff had to rerun hackers' queries to work ou... by Consultant32452 on Wednesday September 19, 2018 @03:30PM (#18027019)
I can't recommend e-banking enough. I use Fidelity, but Schwab is also similarly good. Totally free checking, no minimum balances, easy access to high rate CDs, bill pay, and you can use any ATM in the country, they pay all your fees. I keep a few hundred dollars in a savings account locally because I'm paranoid I might want to see a human being, but I've literally never had to use it.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by Cyph0n on Wednesday September 19, 2018 @04:14PM (#18027342)
The biggest problem with online-only banking is that there is really no way to get a large sum of money out immediately. The only way to withdraw a large sum is to transfer it to another bank account (1-2 days) and then go to that bank's branch.

Of course, you can use checks, but sometimes you need hard cash (e.g., buying a used car).

Re:Equifax IT staff had to rerun hackers' queries to work ou... by mmt on Wednesday September 19, 2018 @05:24PM (#18027848)
> Of course, you can use checks, but sometimes you need hard cash (e.g., buying a used car).

I use "cashier's checks" [1] to buy used cars, since that still offers more security and convenience (of not handling physically bulky bundles of currency).

A trick I learned from reading sites about how to buy at real estate auctions (where the final price can't be known up front) is to use multiple checks made out to oneself, in varying amounts. The ones needed for payment can be endorsed over to the seller, and the remainder can be re-deposited.

My credit union will send me an effecitvely unlimited number of these through the mail, if they're requested through the automated system and each for a at least some (reasonable) minimum amount.

Still, your point holds. If you need it in a hurry, a physical branch is required.

[1] check drawn on the financial institution, not my personal account

Re:Equifax IT staff had to rerun hackers' queries to work ou... by Consultant32452 on Wednesday September 19, 2018 @10:11PM (#18029241)
I've bought a couple of used cars in private sales. Give them a couple hundred dollars deposit, get a receipt, then make arrangements to do the full payment during business hours when you can meet at the seller's bank and do a bank wire, cashier's check, etc. It would be pretty rare that you can't get this worked out. And worst case scenario, you keep that local bank account open and do an EFT to it when you start shopping.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by Kostchei on Wednesday September 19, 2018 @11:17PM (#18029506)
direct deposit works fine in AU. If what you are actually doing is cash to a person. Then you can stay electronic.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by poulsbohemian on Wednesday September 19, 2018 @02:59PM (#18026774)
Often the effort or cost to get out of a home mortgage or car loan makes you stuck by inertia.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by dzdt on Wednesday September 19, 2018 @04:24PM (#18027420)
Wells Fargo wasn't really defrauding their customers, at least not at significant scale. Wells Fargo reps were defrauding their internal evaluation targets. The customer damages were incidental and generally small.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by mikestew on Wednesday September 19, 2018 @03:00PM (#18026786)
I'm seriously considering that on the next massive data breach of a public traded company I'm gonna buy some stock in the onset

Buy call options, that way if it doesn't go your way you're not out as much (in theory, anyway). Worked for me with Equifax and United Airlines, as two examples. Didn't work so well buying puts on Kodak when they announced crypto-whatever; market stayed irrational longer than the life of my contract.

Keeping in mind that the next Equifax might be the one that finally gets put against the wall.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by paul_milovanov on Wednesday September 19, 2018 @10:41PM (#18029358)
That emphatically didn't work out for me with Valiant. Remember, options have expiries. And also it only makes sense if market implied volatility of your options contract is way below the upside move you expect.

I.e buying calls at 50% IV when you only expect a 30% move before expiry is... suboptimal.

In other words, there's no substitute for truly knowing what you're doing when trading options. (Learned this the hard way, AMA)

Re:Equifax IT staff had to rerun hackers' queries to work ou... by paul_milovanov on Wednesday September 19, 2018 @10:43PM (#18029368)
It did work out for me with GEO (doubled my position on the sharp drop) but I bought stock because I had no idea when it might rebound.

Options are far less forgiving if you're wrong on timing.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by RegBarclay on Wednesday September 19, 2018 @02:03PM (#18026276)
I saw a screen full of company logos on the news during the oil well blowout in the Gulf of Mexico and checked into their stock prices. I did OK on Halliburton. Did OK with Merck after the Vioxx news too. Buying on bad news is a pretty safe bet when the news is limited to a small part of a very large, diversified business.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by jack6e on Wednesday September 19, 2018 @02:43PM (#18026626)
This is an old investing strategy summarized by Rothschild in the anecdote, "The time to buy is when there's blood in the streets." I think that maxim captures the crass greed of the strategy.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by antidesitter on Wednesday September 19, 2018 @04:45PM (#18027549)
Why is this strategy “crass greed”?
Re:Equifax IT staff had to rerun hackers' queries to work ou... by tedunangst on Wednesday September 19, 2018 @05:54PM (#18027990)
You're supposed to say "Be fearful when others are greedy and greedy when others are fearful" and then you sound kind and wise like Warren Buffet.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by ISL on Wednesday September 19, 2018 @05:05PM (#18027699)
Indeed, it puts a floor on prices in freefall. If someone needs to sell, and nobody is willing to buy, the price goes to zero.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by Sileni on Wednesday September 19, 2018 @01:32PM (#18025969)
I'd be a bit worried that was like playing Russian Roulette. At some point, the companies have to actually correct right? I imagine the reason they were able to take the hit was the number of people waiting to buy low already. That number of people has to be consumed to a certain extent each time a cycle happens.

I mean, if there's fundamental problems, it eventually has to reflect in the stock price... right?

Please?

Re:Equifax IT staff had to rerun hackers' queries to work ou... by wongarsu on Wednesday September 19, 2018 @07:38PM (#18028527)
>I mean, if there's fundamental problems, it eventually has to reflect in the stock price... right?

From a business perspective, poor IT security doesn't have to be a fundamental problem. Occasionally beating up your customers may be fine, and being voted as worst company in America isn't nessesarily that bad either.

Are there fines high enough to impact business? Are you on the receiving end of new legislation because of the event? Is the market both capable and willing to punish you? Depressingly often the answer to all of those is "no".

Re:Equifax IT staff had to rerun hackers' queries to work ou... by michaelbuckbee on Wednesday September 19, 2018 @03:08PM (#18026849)
Well, that's the thing, they don't _have_ to correct. Look at Enron. They were huge and I can clearly remember people buying in post revelations saying: "oh it's going to come back".
Re:Equifax IT staff had to rerun hackers' queries to work ou... by NeedMoreTea on Wednesday September 19, 2018 @01:45PM (#18026097)
Sometimes, maybe. Perhaps at insolvency. Worldcom looked pretty healthy in 2002, then they were chapter 11.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by g051051 on Wednesday September 19, 2018 @02:27PM (#18026485)
Just like the previous mention of Enron, Worldcom engaged in systematic large-scale accounting fraud. Very different from the Equifax breach situation.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by chrischen on Wednesday September 19, 2018 @02:09PM (#18026335)
The thing about roulette is that you can bet most numbers except a couple, and do pretty well in the short term, albeit with small winnings. But the odds are still against you long term.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by chair6 on Wednesday September 19, 2018 @02:38PM (#18026574)
Just make sure you time it right. The problem with EFX was they announced on September 7, dipped, then announced additional badness on September 13, so double-dipped (https://s.yimg.com/uc/fin/chart/18/08/39d3a24.png) and you were out ~30% immediately.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by drewmol on Wednesday September 19, 2018 @10:16PM (#18029259)
After looking at stock drop and recoveries of other companies involved in major PII breaches in the last 10 years, I came on here recommending people look into options, as an opportunity to profit off the reactionary price tumble fallout from that breach. IIRC EFX, with a market cap of ~$16B, went from ~$140 to ~$90 over a few days. As a primarily B2B data broker that sells information without concern for the data subject's wishes, in an establishe and disruption resistant market with only 2 other competitors and decades of purchasing friendly regulations, a ~36% drop seemed unlikely to persist for very long. It's just betting against a large majority sharing, and sacrafising $, in order to adhere to those principles.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by gruez on Wednesday September 19, 2018 @01:41PM (#18026045)
>it just seems like a too good of an opportunity to miss out on...

unless everyone's doing the same thing and it's already priced in the moment the news goes public.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by freeone3000 on Wednesday September 19, 2018 @07:09PM (#18028389)
Always bet against your priciples. If you win, you get a better society! If you lose, at least you're richer.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by anonytrary on Thursday September 20, 2018 @02:02AM (#18030108)
Speaking of investments against principles -- you might want to check out Facebook stock as of 9/20/18, it's trading at something like 20% under, if you think it will rebound. (I'm not a FB shill, just read my post history).
Re:Equifax IT staff had to rerun hackers' queries to work ou... by mtgx on Wednesday September 19, 2018 @01:41PM (#18026051)
It's because the U.S. government is so corrupt right now that none of the existing large organizations/corporations will ever be punished the same way Enron was, unless the political landscape and system changes significantly.

That's why, regardless of how large a company scandal is, you can make a pretty good bet on the company surviving and recovering easily from the scandal, because the government will protect it/issue a tiny fine to save some face. In this case, Congress literally passed a law to save Equifax from private lawsuits. Absolute insanity. If this isn't a sign of a corrupt government, I don't know what is.

It's a very sad state of affairs that will likely get much worse before it starts getting better.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by g051051 on Wednesday September 19, 2018 @01:56PM (#18026204)
The difference was that in Enron's case it was clear criminal intent to defraud, as opposed to security failures.

As far as "Congress literally passed a law to save Equifax from private lawsuits", what they did was part of the larger sweep of allowing companies to force arbitration on consumers. It was unrelated to the breach.

Re:Equifax IT staff had to rerun hackers' queries to work ou... by munk-a on Wednesday September 19, 2018 @08:31PM (#18028770)
The allowance of private arbitration is a pretty clear example of corruption though, class action lawsuits exist for the purpose of punishing companies more than delivering assets to the suffering parties and that route has been taking away in a lot of circumstances.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by g051051 on Wednesday September 19, 2018 @09:53PM (#18029174)
Can't argue there. The rise of arbitration clauses has done a huge amount of damage to consumer rights.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by reaperducer on Wednesday September 19, 2018 @03:39PM (#18027084)
Perhaps this fits into the cliche about there being "no such thing as bad publicity."
Re:Equifax IT staff had to rerun hackers' queries to work ou... by matchagaucho on Wednesday September 19, 2018 @04:51PM (#18027610)
Too big to fail. Substantially all loans are backed by credit scores from the big 3.
Re:Equifax IT staff had to rerun hackers' queries to work ou... by liftbigweights on Wednesday September 19, 2018 @05:55PM (#18027993)
We are in one of the greatest bull markets in history. There are dollars, euros, yens, yuans, pounds, etc overflowing everywhere thanks to lax monetary policy all over the world.

Considering equifax is one of 3 monopolistic credit reporting agencies, you can be sure they won't go out of business. So you buy the dips.

Same thing with tesla. Same thing any established legit stock of a legit company. In a major bull market you buy the dips as long as the music is playing. But once the music stops, you don't want to be dancing.

Same thing with major bear markets. Short the bumps.