Latest Equifax Security Violation Opens Up 143 Million Consumers To Identity Theft

By Vidhu Jain

Equifax has, yet again, been hacked. Only this time the impact is TREMENDOUS- more than 33% of the entire US population, or 143,000,000 unsuspecting people, are now exposed to the very real risk of identity theft. The same extremely sensitive information that banks and insurance companies use to confirm the very identities of their customers is now in the hands of cybercriminals!

What's worse, cyber thieves probed the Equifax network for literally months. Though the attack was first launched mid-May, it took the company 10 weeks to realize what was happening and 6 whole weeks to publicly announce they were being hacked.

There’s No Refuge

The real problem is the absence of a system for opting out with credit reporting companies like Equifax. Your highly sensitive data and credit history are captured without your permission to be housed on their databases with rinky-dink security whether you like it or not.

The absence of intrusion-proof technologies with verification systems make these honeypots; irresistible to criminals ready and waiting to turn your life upside down.

A Lazy, Couldn’t-Care-Less Industry Ripe For Disruption

Any information storage and verification system needs invulnerable technology. The Blockchain, for example, is groundbreaking technology that uses public ledgers to cryptographically store information anonymously, securely and immutably.

Blockchain technology is resistant to modifications and is immune to cyber attacks by its very design. A central server with critical information CAN be attacked but you CAN’T stranglehold millions of nodes.

If consumer loan reporting data is directly published onto the blockchain, there would be no question about information sanctity nor its objective reporting. What’s more, consumers could decide whether or not to participate in the system.

That’s the real power of the blockchain. The power of YOU.

So, how do you feel about this mess? How do you plan on keeping your sensitive information safe? Share your thoughts in the comments section and pass this article on to friends and family to make them aware too!

Here to Serve,

Vidhu Jain
Team Saske

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