Linked by Thom Holwerda on Thu 7th Sep 2017 23:45 UTC
Legal

Equifax Inc. today announced a cybersecurity incident potentially impacting approximately 143 million U.S. consumers. Criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company's investigation, the unauthorized access occurred from mid-May through July 2017. The company has found no evidence of unauthorized activity on Equifax's core consumer or commercial credit reporting databases.

Names, social security numbers, birthdays, addresses, driver's license numbers, credit card numbers - this is a very big breach.

Interestingly enough, three executives of the credit reporting agency sold their shares in the company days after the breach was discovered.

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Comment by PJBonoVox
by PJBonoVox on Fri 8th Sep 2017 00:04 UTC
PJBonoVox
Member since:
2006-08-14

Isn't that practically insider trading?

Reply Score: 5

RE: Comment by PJBonoVox
by ahferroin7 on Fri 8th Sep 2017 12:20 in reply to "Comment by PJBonoVox"
ahferroin7 Member since:
2015-10-30

Only if they actually knew about the breach and it influenced their decision.

People with stock options in their employer as part of their benefits often sell off stock on a semi-regular basis so that they don't have all their money tied up in one company. Without further background on the individuals, I'd say it's 50/50 whether it was insider trading or not.

Reply Parent Score: 2

RE: Comment by PJBonoVox
by Bobthearch on Fri 8th Sep 2017 17:12 in reply to "Comment by PJBonoVox"
Bobthearch Member since:
2006-01-27

Practically? It's the definition of Insider Trading.

Company executives regularly sell stock in their companies, true enough. But it's normally done at pre-scheduled intervals in order to avoid any perception of Insider Trading. These Equifax trades were not announced and not part of an existing routine trade program.

The source journalist at Bloomberg (if your ad-blocker is up to the task):

https://www.bloomberg.com/news/articles/2017-09-07/three-equifax-exe...

An Equifax statement claims the executives, “had no knowledge that an intrusion had occurred at the time.” And if you believe that...

Reply Parent Score: 4

RE[2]: Comment by PJBonoVox
by daveak on Sat 9th Sep 2017 10:54 in reply to "RE: Comment by PJBonoVox"
daveak Member since:
2008-12-29

removed as I didn't read the parent

Edited 2017-09-09 10:54 UTC

Reply Parent Score: 2