13 September, 2017
The Equifax Breach Shows Why Data Companies Must Be Held Accountable
The age of “big data” is here, along with a growing list of big data breaches and the big mess created for millions of affected consumers. The only thing missing is big consequences for companies that are causing these big losses.
Last week, Equifax lost highly confidential personal and financial data on as many as 143 million people. The worst part? You didn’t even give them permission to obtain this information. They can legally collect, store and share it regardless.
Although banks have a self-serving track record of their own (Wells Fargo, anyone?) at least as a client, you have a direct relationship that permits you to use the law to hold them accountable. Imagine if you woke up one morning to find your bank lost all your money in a cybersecurity hack. Would you just accept that? Unlikely.