Data Breaches in Business

Protecting personal information isn’t a worry that is taken into consideration very often. Most people automatically trust that their information is in good hands. That trust is tested when there is a security breach, such as the one that occurred at Equifax. There are more than 70 class action lawsuits which have been filed against the company due to the security breach. Victims have claimed injury due to identity theft and theft of personal information. Victims are experiencing opened accounts and credit disruption in their name without their knowledge or consent. Some people have reported more than 15 cases of identity theft due to the hacking of Equifax’s databases.

When information is left at risk for identity theft, it can result in a series of problems in the victim’s name including the opening of bank accounts, credit cards, and lines of credits. They can even attribute speeding tickets to a person. The thief can also steal tax refunds and social security checks. The long term effect is devastating, and the process to reverse the theft is long and grueling. Equifax’s answer to their neglect was offering a year of credit monitoring through their subsidiary company Trusted ID. This was offered in exchange for a waiver of legal action against Equifax (which was later retracted on their site).

Equifax executives sold their shares to the value of over $2 million before they eventually advised their clients and shareholders of the security breach. They were able to take advantage of their knowledge prior to advising their clients. More than 143 million people had their information accessible to potential scammers and thieves on the internet.

Businesses can also be affected by identity theft. Are you protected in case of a data breach? Storage Insurance USA offers insurance programs to protect you and your business in the event that personal information has been exposed to cyber theft. Call us today 1-877-STORE17 to discuss your plan today.