Credit reporting company Equifax, Inc. (NYSE:$EFX) reported a massive data breach last month, and on Tuesday, October 3, former CEO Richard Smith told Congress he takes “full responsibility” for the hack.
Smith testified on Tuesday about the data breach during a hearing of the House Energy and Commerce Committee. Today’s hearing marks Smith’s first of four Capitol Hill stops this week as lawmakers investigate what happened at the Georgia-based company.
“The criminal hack happened on my watch,” Smith said during the hearing. “I am truly and deeply sorry for what happened.”
Last week, Smith retired from his position, taking no severance or bonus for 2017. However, the former CEO remains eligible for $18.4 million in pension benefits.
Even though Equifax reported the breach in September, the company only announced on Monday that it affected the personal information of 145.5 million people, which is 2.5 million more than originally forecasted.
Smith has admitted that Equifax did not act quickly to fix a software glitch that had been known since the government warned companies about it in March. The problem was not fixed until July, which was when Equifax first became aware of the breach.
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