Equifax data breach: The industry weighs in

by Justin da Rosa06 Oct 2017
Is the credit company doing enough to manage the breach and ensure no future security issues?

We spoke with a leading mortgage originator who is fully confident in Equifax’s ability to its current security issue.

“Of course they are. It couldn’t be a bigger issue; you have Congress on top of it, every bank and everyone around the world who deals with credit on top of them. I can’t imagine they’re not putting every bit of their resources into it,” Joe Caltabiano, a Chicago-based originator with Guaranteed Rate, told Mortgage Professional America. “They’re not saying what they’re doing; nor would I, if I were in security dealing with an issue. I wouldn’t tell anyone what I was doing to deal with it. That’s how more security issues come about.

“I’m confident that a company like them is doing plenty.”

Equifax is currently dealing with a wide-scale data breach that has potentially impacted 145.5 million of its customers.

The credit company said it plans to inform all affected Americans.

Beyond that, though, Equifax has remained relatively mum.

It retained cybersecurity firm Mandiant to investigate the breach but the investigation is still ongoing.

"While the company's investigation is substantially complete, it remains ongoing and is expected to be completed in the coming weeks," Equifax said in a statement earlier this week. 

A company rep declined comment, citing this week’s Congressional hearings.

For his part, however, Caltabiano believes the credit agency can bounce back from the controversy.

“Can their reputation be repaired? Of course it can. I think a second attack would be devastating but big companies are often the targets of attacks,” he said. “There have been a multitude of attacks on everything from credit companies to the Pentagon. So I think they can repair it if they put the procedures in place and do a good PR campaign. They certainly will survive it.”

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