Following Equifax Breach, Rubio Urges SEC to Require Companies to Disclose Significant Hacks
Oct 04 2017
Washington, D.C. – Following the massive Equifax data breach, U.S. Senator Marco Rubio (R-FL) today urged Securities and Exchange Commission (SEC) Chairman Jay Clayton to require companies to promptly disclose significant hacks of material impact that make Americans vulnerable to identity theft.
The full text of Rubio’s letter is below:
Dear Chairman Clayton:
As you are aware, nearly 145.5 million Americans had their personal information exposed in the massive Equifax data breach reported to the public on September 7, 2017. This breach, and others like it, have made Americans vulnerable to identity theft and scams. The reality of our data-rich 21st century requires that we take security guardrails very seriously, and ensure the federal government is upholding the trust Americans need for their full participation in the national economy.
For this reason, I write to urge that, to the maximum extent consistent with the law, the Securities and Exchange Commission (SEC) require companies to promptly disclose significant hacks of material impact that make Americans vulnerable to identity theft. Doing so could help individuals begin to take the necessary steps to ensure their identity is protected. This includes freezing their credit reports, checking bank statements, and assessing financial security. In the aftermath of Hurricanes Harvey, Irma and Maria, many Americans need to be assured of the integrity of their credit as they take out loans to pay for repairs to their homes and businesses.
Companies that hold American’s personal information should be held to a higher security standard. In recognizing this, I urge that you prioritize transparency actions for Equifax so that consumers can be aware of their status with adequate time to take appropriate remediation steps.