March 2017 Equifax data breach: Lessons to learn for business leaders
The Equifax data breach of March 2017 was one of the most publicized cybersecurity incidents in recent years. Millions of people had their confidential information stolen, increasing the risk of identity fraud and even financial loss.
Learning from this event is paramount for cybersecurity experts and business leaders, especially with the ever-evolving nature of threats in the digital landscape. What lessons can directors, board members, and cyber security departments take away from the 2017 data breach?
Timeline and aftermath of the data breach
The Equifax data breach was a large cybersecurity incident that compromised the sensitive personal information of millions of individuals. The breach affected approximately 143 million Americans, 15 million Britons, and 19,000 Canadians. It is one of the largest and most far-reaching breaches in history. The stolen data included names, Social Security numbers, addresses, and, in some cases, driver’s license numbers.
The breach began as early as March 10 of that year, but Equifax only discovered the incident on July 29, 2017–76 days later. However, they didn’t disclose information about the breach until September 7, 2017. Equifax faced lawsuits and settlement claims because of the…
