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The UK Financial Conduct Authority fines Equifax £11mn over its 2017 data breach. The UK regulator made clear that Equifax mishandled its response to the data breach and made several inaccurate public statement regarding the effect on UK customer. The UK unit of Equifax should have treated its U.S business as an outsourced supplier and did not oversight data sent to the U.S.
One suspects that if someone went into the board room prior to the cyber attack and said that an attack is going to cost the company several $billion over the next 6 years and affect its credit rating, they would have been politely asked to leave. Spending all the money to fix a problem when it has occurred is unlikely to be the defense regulators, customers, insurers or markets will listen to going forward. The SEC cyber rule NIS 2, DORA and recent ASIC announcements seek Left of Bang, not Right of Bang solutions.
The UK fine while small adds to the over $800mn already levied by regulators and over $1.5bn spent to address gaps in security and technology.
Ted Dziekanowski Rachel V. Rose, JD, MBA Brian D. McCarthy Bob Dix
#cybersecurity #cyberriskmanagement #cyberegulation #paravasecuritysolutions
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