Re:US Senate report on Equifax breach [pdf]
by cityzen on Saturday June 22, 2019 @03:04PM
(#20251144)
So in other words yet another "too big to fail" situation.
> The right answer is to tighten regulations around this industry so that risk gets priced into the stock which makes it less profitable over time which gives institutional investors time to reallocate with minimal shock to those who can least afford such shocks.
Here's how much Equifax has spent on lobbying the last 10 years:
2008 - 500K
2009 - 500K
2010 - 560K
2011 - 670K
2012 - 620K
2013 - 690K
2014 - 770K
Interesting what happens next considering this headline:
A.Equifax Learned of Significant Cybersecurity Deficiencies in 2015
2015 - 1.02K
2016 - 1.1K
2017 - 1.07K
2018 - 1.27M
Here's the status of three bills that were introduced:
As much as I appreciate the idealistic approach to regulate the markets but it clearly doesn't work. Period. It only takes a company or industry with a lot of money to essentially write their own laws.
> The right answer is to tighten regulations around this industry so that risk gets priced into the stock which makes it less profitable over time which gives institutional investors time to reallocate with minimal shock to those who can least afford such shocks.
Here's how much Equifax has spent on lobbying the last 10 years:
2008 - 500K
2009 - 500K
2010 - 560K
2011 - 670K
2012 - 620K
2013 - 690K
2014 - 770K
Interesting what happens next considering this headline: A.Equifax Learned of Significant Cybersecurity Deficiencies in 2015
2015 - 1.02K
2016 - 1.1K
2017 - 1.07K
2018 - 1.27M
Here's the status of three bills that were introduced:
S.1815 - Data Broker Accountability and Transparency Act of 2017 Introduced 09/14/2017 https://www.congress.gov/bill/115th-congress/senate-bill/181...
H.R.3806 - Personal Data Notification and Protection Act of 2017 Introduced 09/18/2017 https://www.congress.gov/bill/115th-congress/house-bill/3806...
S.1816 - Freedom from Equifax Exploitation Act Introduced 09/14/2017 https://www.congress.gov/bill/115th-congress/senate-bill/181...
As much as I appreciate the idealistic approach to regulate the markets but it clearly doesn't work. Period. It only takes a company or industry with a lot of money to essentially write their own laws.