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Congress Grills Former CEOs of Yahoo & Equifax About Hacks

Congress Grills Former CEOs of Yahoo & Equifax About Hacks

Mayer left her position in January with a $23million severance package along with $186million in stock options after hackers stole information from billions of Yahoo users including names, email addresses, phone numbers, birthdates and security questions and answers.

Verizon, the largest USA wireless operator, acquired most of Yahoo Inc's assets in June, the same month Mayer stepped down.

U.S. Sen. John Thune (R-S.D.), chairman of the Committee on Commerce, Science, and Transportation, will convene a hearing titled "Protecting Consumers in the Era of Major Data Breaches", at approximately 10:00 a.m. on Wednesday, November 8, 2017, in room Dirksen 106.

"It's going to take an attitude change among companies such as yours, that we've got to go to extreme limits to protect our customers' privacy", Sen.

However, it was revealed later that three billion user accounts were affected.

"As CEO, these thefts occurred during my tenure, and I want to sincerely apologize to each and every one of our users", she told the Senate Commerce Committee, which had called on her and on Equifax executives to discuss their recent incidents.




"Four times more", replied Equifax Interim CEO Paulino do Rego Barros Jr. She said "really aggressive" pursuit of hackers was needed to discourage the efforts, and that even the most well-defended companies "could fall victim to these crimes".

Richard Smith, who was Equifax's CEO when the attack occurred earlier this year, also is set to testify.

"We did not meet the public's expectations, and now it's up to us to prove that we can regain their trust", Barros said.

'A single federal standard would ensure all consumers are treated the same with regard to notification of data breaches that might cause them harm, ' Thune said.

Yahoo only learned about the hack last November, when United States law enforcement presented the company with the stolen information, Mayer said. Smith said Equifax decided not to encrypt its massive database of sensitive data because it felt its firewalls and layers of security were enough. Equifax's CEO said the same of a breach involving 145 mln consumers. The company's website received 420 million visits, but only 30 million people have actually used it.

"Under current law, even some of the most egregious examples of lax security can be met only with apologies and promises to do better next time".

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