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Cost of repercussions due to lapse of security <<< cost of fixing it. Until Equifax and the like get sued out of business, Equifax and its shareholders won't f

Cost of repercussions due to lapse of security <<< cost of fixing it. Until Equifax and the like get sued out of business, Equifax and its shareholders won't feel the heat.

zentiggr 9y ago
Time for the class action suit to dwarf all other class actions... liquefy Equifax and turn its assets over to the 143 million.
- _jal 9y ago
  Don't fall for the "credit monitoring" bait they're offering then - accepting it nullifies your class-action rights.
  - mlrtime 9y ago
    The monitoring benefits (Do to their negligence) is probably worth more than the $10 you'll get out of the CAS. It would be better if we could get the monitoring from one of their competitors on Equifax's dime.
    - xraystyle 9y ago
      "Worth more" in the sense that they probably charge more for it, but I doubt it would cost Equifax as much to provide that service as it would if they actually were forced to cough up real money. They've already built out the infrastructure necessary for the monitoring product. The marginal cost of every additional person they add to it is probably quite low.
- actsasbuffoon 9y ago
  I bet the other two credit bureaus would be much more careful about security if that happened.
- ConceptJunkie 9y ago
  And as is the case for every class action suit ever, some lawyers make a lot of money and everybody whose information was compromised by Equifax gets a check for 24 cents.
  - gph 9y ago
    Honestly I don't mind too much. At this point I just want significant punishment for those who allow massive data leaks so there's a reasonable deterrent for other companies. Something needs to happen to make these executives take data security issues seriously.
FLUX-YOU 9y ago
>Until Equifax and the like get sued out of business, Equifax and its shareholders won't feel the heat. Equifax's breach might be deserving of it being sold to the government for pennies and having leadership reorganized (read: fired), but I don't think we can nuke it out of existence immediately. Primarily due to it being relied on by so many other banks and services.
- X-Istence 9y ago
  There's three other companies that do the same thing. TransUnion Experian Innovis

Cost of repercussions due to lapse of security <<< cost of fixing it. Until Equifax and the like get sued out of business, Equifax and its shareholders won't feel the heat.

zentiggr 9y ago

Time for the class action suit to dwarf all other class actions... liquefy Equifax and turn its assets over to the 143 million.

_jal 9y ago
Don't fall for the "credit monitoring" bait they're offering then - accepting it nullifies your class-action rights.
- mlrtime 9y ago
  The monitoring benefits (Do to their negligence) is probably worth more than the $10 you'll get out of the CAS. It would be better if we could get the monitoring from one of their competitors on Equifax's dime.
  - xraystyle 9y ago
    "Worth more" in the sense that they probably charge more for it, but I doubt it would cost Equifax as much to provide that service as it would if they actually were forced to cough up real money. They've already built out the infrastructure necessary for the monitoring product. The marginal cost of every additional person they add to it is probably quite low.
actsasbuffoon 9y ago
I bet the other two credit bureaus would be much more careful about security if that happened.
ConceptJunkie 9y ago
And as is the case for every class action suit ever, some lawyers make a lot of money and everybody whose information was compromised by Equifax gets a check for 24 cents.
- gph 9y ago
  Honestly I don't mind too much. At this point I just want significant punishment for those who allow massive data leaks so there's a reasonable deterrent for other companies. Something needs to happen to make these executives take data security issues seriously.

FLUX-YOU 9y ago

>Until Equifax and the like get sued out of business, Equifax and its shareholders won't feel the heat. Equifax's breach might be deserving of it being sold to the government for pennies and having leadership reorganized (read: fired), but I don't think we can nuke it out of existence immediately. Primarily due to it being relied on by so many other banks and services.

X-Istence 9y ago
There's three other companies that do the same thing. TransUnion Experian Innovis