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Earlier this year, UK residents were affected by a cyber-security breach at Equifax. Equifax’s UK business is authorised by the Financial Conduct Authority (FCA).
Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, has written to the Chief Executive of Equifax Limited asking for further details about the scale of the breach, and what compensation it will provide. Mrs Morgan has also written to Andrew Bailey, Chief Executive of the FCA, for his assessment of Equifax’s response to the incident, and whether the FCA is considering further action.
Commenting on the correspondence, Mrs Morgan said:
“Equifax has taken too long to notify those affected by its widespread cyber-security breach. People have been left in the dark for too long, which has increased the risk that they fall victim to identity theft and fraud.
“It is particularly concerning that the breach occurred in a business that sells identity protection services, and is looking to take advantage of the commercial opportunities afforded by data sharing initiatives, such as Open Banking.
“Mr Remon has said that the immediate focus of Equifax is to ‘support those affected by this incident’. The Treasury Committee will hold him to these words, and will consider taking public evidence from Equifax, particularly if it does not receive a full and timely response to these questions.”