Equifax Breach, Two Years Later: Lessons for the Financial Services Industry

Equifax headquarters

Nearly two years after the Equifax breach, the fallout is far from over. As detailed in the 96-page Senate Committee on Investigations report, serious flaws in the financial systems’ consumer data security framework were exposed. Sen. Elizabeth Warren (D-Mass.), a vocal critic of Wall Street and its many entities, echoes the Reuters report, stating that Equifax “failed to implement an adequate security program to protect this sensitive data, and as a result, Equifax allowed one of the largest data breaches in U.S. history.”

With the call for “real and substantial consequences” for the gross negligence of Equifax, our long-term personal security, as well as the security of the financial services industry, is called into question. How do we protect against fraud in the future? And how do we make things safer?