Massive data breach at Equifax
- Thread starter Mook
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I read yesterday that the hackers got in through a known issue with the popular programming they were using. The patch came out on like March 6th and the hack took place in May sometime. So they had two months to implement the easy patches to make sure they didn't have exposure. That didn't happen. Good job.
The fact higher ups sold off stock just before this should be investigated. But we go soft on blue collar crime in this country. So I am sure that will get to keep the money and spend some time at a nice resort, I mean prison.
*Edit* just grabbed a link when I googled it just now.
https://www.nbcnews.com/business/consumer/how-did-equifax-hack-even-happen-n801331
The fact higher ups sold off stock just before this should be investigated. But we go soft on blue collar crime in this country. So I am sure that will get to keep the money and spend some time at a nice resort, I mean prison.
*Edit* just grabbed a link when I googled it just now.
https://www.nbcnews.com/business/consumer/how-did-equifax-hack-even-happen-n801331
Heard they got in through Apache
Again - importance of an effective patch program and monitoring vulnerabilities.
Um that's white collar crime.
That said, lovely example of insider trading. It also said they were trying to get legislation worked through to reduce liability. Man, if there was ever a time to get the torches and pitch forks out.
I shorted the stock on the way down and now I've bought some to hopefully find the bottom, assuming it's not too far below where we are. I'm a bit concerned. On the one hand, their whole business is information and they just failed at their core business. I don't know how you come back from that. Plus they have something like $400m in cash and 3b in debt and they're about to be sued off the face of the earth.
On the other hand, they are a very reputable company otherwise, companies like Wells Fargo actually overtly ripped people off and are doing just fine and the stock board is nearly unanimous in saying that the stock is going to continue to shit the bed until eventual bankruptcy. Historically whenever the stock board is unanimous on a stock going one directly or the other you can pretty much bank on it going the other direction. I always feel good about buying a stock when comments like "sure thing" or "no brainer" are being made by people who are shorting it.
On the other hand, they are a very reputable company otherwise, companies like Wells Fargo actually overtly ripped people off and are doing just fine and the stock board is nearly unanimous in saying that the stock is going to continue to shit the bed until eventual bankruptcy. Historically whenever the stock board is unanimous on a stock going one directly or the other you can pretty much bank on it going the other direction. I always feel good about buying a stock when comments like "sure thing" or "no brainer" are being made by people who are shorting it.
How have the others like Target recovered? I think that would be your answer overall. They offer a product only 3 companies in the world typically do. You'll probably be fine.
The issue I see is that Target's business isn't information security and Equifax's is. So despite whatever breach Target had, their core business continues unscathed. Equifax has undermined their core product. So that's the risk. That said, it isn't a scandal and I think the public is starting to become used to these breaches. If this was 2007 I think the response would be a lot different than it is.
I hope I'm right. The stock really isn't moving today which means it's either finding a bottom or it's consolidating before it's next leg down. Hope that isn't the case.
I hope I'm right. The stock really isn't moving today which means it's either finding a bottom or it's consolidating before it's next leg down. Hope that isn't the case.
Former Equifax executive charged with insider trading - Mar. 14, 2018
Whoops. Probably gonna go pull a Martha Stuart at a country club.
Whoops. Probably gonna go pull a Martha Stuart at a country club.
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