It took credit agency Equifax 41 days to notify the public that their servers had been breached. In that time, company executives sold $1.8 million of their Equifax shares. Oregon Senator Ron Wyden wants to know why.
The Letter: Senator Wyden is the ranking Democrat on the Senate Finance Committee. He sent a letter to Equifax along with committee chairman, Sen. Orrin Hatch.
When did the board know Gizmodo confirmed with Wyden's office that the committe wants a detailed timeline of the breach and events that followed, including exactly when the board of directors and other company executives were notified.
Somebody got rich. The suspicious activity goes beyond the executives selling shares. One analyst noticed an unusual flurry of activity in the days before the news went public. Someone bought 2,600 contracts betting on the company's share price to drop and made over $4 million from that bet on the day the hacking news broke. Their initial investment was around $156,000.
The government relies on Equifax. The company holds data for the IRS, Centers for Medicare & Medicaid Service and Social Security Administration. The IRS even directed people to send sensitive information about dependent children including Social Security cards and birth certificates following an IRS data loss. Wyden and Hatch want to know if this data was compromised.
The largest worker information database: Equifax also manages The Work Numbers database, which is the largest repository of human resources and payroll information in the country. Nearly all federal employees are in the database and 75% of Fortune 500 companies.
The senators have given Equifax until Thursday, September 28 to respond to their questions.