Equifax Publicly Announced - IT Assignment Help

Assignment Task

1. While some experts believe that affected companies should publicly disclose breaches, others are against this view: 

a) Using different sources of reference, discuss whether or not companies should disclose data breaches and how soon they should disclose them, and 

b) Critically assess Equifax’s disclosure strategy regarding the data breach. 
 

The breach brought longstanding criticisms of U.S. data breach disclosure laws back to surface. About six weeks elapsed between when Equifax first discovered the breach and when the company first disclosed the breach to consumers. In the aftermath of the breach, observers questioned whether Equifax had violated any disclosure laws by waiting that long. Disclosure requirements, however, differed from state to state. In some states, disclosure was required within 45 days of discovery, while in others, no specific deadline was imposed, merely that companies notify consumers “as soon as possible.” Some congressional representatives proposed bills that would create a unified 30-day timeframe for alerting consumers. Some states also sought to hold Equifax to stricter disclosure requirements, with New York working to apply its financial institution cybersecurity rules to credit reporting agencies, requiring them to alert state regulators of a breach within 72 hours of discovery

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