Was the Equifax breach just the beginning?

Was the Equifax breach – an action we are representing a group of individuals for – just the beginning in terms of cyberattacks against financial institutions?

When news broke of the Equifax breach, the world was left in shock that such a major financial institution could become a victim to what transpired to be a relatively simple attack that was entirely preventable. With almost 150 million people affected worldwide, and 700,000 of those victims here in the UK, and many not even knowing that Equifax held their data, it was the big breach of 2017; and the aftershock is still being felt to this day.

The Equifax breach could have been prevented

The Equifax breach could have been prevented, and this is one of the major factors that we considered when we decided to take forward an action. We now act for a Claimant Group pursuing data protection compensation as victims of the incident.

The Equifax scandal was preventable for a number of reasons. Firstly, they failed to implement a patch for a known security vulnerability, and it was this vulnerability that the hackers exploited to expose the data of millions worldwide. Secondly, Equifax’s systems failed to identify the ongoing vulnerability that lasted several months before it was noticed.

This is inexcusable for one of the largest financial services providers in the world.

But, there’s also another key factor to consider as well, that’s the fact that these kinds of organisations are often the target of attacks.

Equifax breach another attack on global financial services

The Equifax breach was, in essence, another attack on a global financial services provider, something that can be quite common.

Given the wealth of personal and financial data these organisations hold, they’re understandably targeted for the purposes of crime like fraud and identity theft. Hackers are using increasingly sophisticated methods and dedicating time and resources into targeting large financial organisations like Equifax, and as we witnessed from this breach itself, their tactics are paying off.

Ways in which their attacks can remain undetected – which was a factor in the Equifax breach – are thought to be on the rise, and these attacks are growing in number. Researchers have reportedly found similar behaviours in other attacks and attempted attacks to that which was seen in the Equifax breach.

Vigilance on the part of originations like Equifax is therefore incredibly important.

Legal advice about the Equifax breach

If you’ve yet to speak with the team, about your legal options as a victim of the Equifax breach, please contact the team to discuss your options and whether you’re eligible to join our action.

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