So much has already been written about the Equifax breach that this post might seem superfluous. However this report from Bloomberg caught my eye, because it talks about the costs and legitimate gains made as a direct result of the Equifax breach.
You would expect Equifax's stock price to be hit - and it was, by 15% on the day of the breach, and 20% overall in less than 5 days. And there are now reports of a $70 billion collection of class action lawsuits , which dwarfs the Equifax market value of $17 billion on $3 billion in annual revenue.
On the other hand, LifeLock, part of Symantec, has seen a surge in new business, and they are happy to help customers who are now very worried about how their stolen personal data might be used by cyber criminals.
I am sure this is not the end of the story, so check back for more as it unfolds.
Shortly before Equifax Inc. revealed last week that it had been hacked, Fran Rosch got a call. The Symantec Corp. executive was vacationing in Maine, visiting his parents, when an Equifax representative telephoned to say sensitive information about 143 million Americans had been put at risk. Armed with information only a handful of people had at the time, Rosch mobilized the rapid response team at LifeLock, the identity-theft protection service owned by Symantec. This included member services, legal counsel, product development, marketing, and public-relations staff, he said. Rosch knew the company would receive an onslaught of calls and sign-ups in the coming days—far greater than anything it had experienced before. “It was crazy,” Rosch, the executive vice president and general manager of consumer business at Symantec, said in a phone interview on Tuesday. “It has been like an earthquake.”
unknownx500
