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“The negative outlook reflects substantial uncertainty surrounding the eventual impact of this incident,” Standard and Poor’s said in a statement.
Hutt said a government action against Equifax could immediately and seriously lower Equifax’s rating.
The section addresses companies withholding vital information from customers, which, between the end of July and September 7, Equifax did.
The massive data breach was discovered July 29, but Equifax waited more than a month to report it.
The Better Business Bureau serving Mainland BC has released its list of the top 10 types of businesses that they received consumer complaints about in the province in 2017; and dating services, which did not even make the 2016 list, came out on top with 209 complaints.
Many, many people had no idea that Equifax even held their data, because the company vacuums up data from banks, credit card companies, and retailers.
“So at this point they are a victim in the same way the consumers are a victim until the investigation is complete or until there’s a government action.”Actually, many security experts have already weighed in to say that such a massive breach was preventable.
Equifax blamed a flaw in the Apache Struts Web Framework–a bug that was revealed in March.
The Justice Department has already begun a criminal investigation into that part of the affair, segment back in 2010 indicated that companies could buy good ratings by paying dues, although the organization revamped its system since then.
Asked whether protecting customer data in a responsible way is part of the official criteria for the BBB’s ratings, Hutt said that falls under “privacy,” which falls under “transparent business practices.” But neither the words “data,” “security,” nor “privacy” appear under that heading.