The state attorney generals of 40 states have joined the probe. Among the areas under scrutiny will be Equifax’s response to the hacking incident.
In the wake of the massive hacking incident at Equifax Inc which resulted in the exposure of valuable information of 143 million Americans, i.e. 50% of the U.S. population, nearly 40 states have joined the probe of Equifax’s handling of the massive breach.
The U.S. Congress is also probing the hacking incident with Richard Smith, Equifax’s chief executive, expected to testify before a House of Representatives panel on October 3.
As per Eileen Boyce, a spokeswoman for the state’s attorney general, Lisa Madigan, the state of Illinois is leading the Equifax probe. The state attorney generals of Connecticut and Pennsylvania have stated they are also part of the probe. Similarly Rhode Island and Iowa have also acknowledged joining the group.
On Wednesday, Equifax’s shares fell by 14.6% to $98.99, the first since February 2016.
The hack has gained notoriety since it was among the largest hacks ever recorded and is particularly troubling since hackers have been able to access crucial information of nearly 50% of the U.S. population, including names, birthdays, addresses, Social Security number and driver’s license.
Equifax did not respond to telephone calls or emails seeking comment.
As per Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York, Equifax’s shares were falling due to its poor handling of the security breach.
“It’s a disaster. This breach has put almost every adult American in jeopardy. I don’t think (the share drop) is over by any stretch. This is just going to get uglier and uglier for them,” said Polcari.