and now my data is at risk from is being shared because equifax failed to adequately protect it, and the answer was yes i don't have an opportunity to opt out. it would be one thing if the breach were an isolated incident, but it wasn't. the syllabus with facebook and we saw this under a uber and they actually paid the hackers $100,000 before reporting the incident to the ftc. this can't be standard industry practice. we need to change that power balance. by strengthening the consumer protections. the ftc as our partner, we must work to strengthen the agency to face the 21st century challenges. many of these new marketplaces, which are often highly concentrated on failing the american consumers. part of the mission is the issue of antitrust and as we saw this morning with the leveling of $5.1 million, strong consumer protection and robust competition go hand-in-hand and that's why congress and consumer watchdogs must step in. i welcomed the new commissioner, chairman simons and commissioner philip -- did i miss somebody, commissioner simon, philip and slaughter and i want to thank th

september, 2017, equifax announced a data breach that they knew about but failed to adequately address. information including social security numbers, addresses and in some cases, drivers numbers or partial numbers of almost 150 million consumers are exposed to a list of actors. commissioner, is that correct? >> that's my understanding. that is consistent with -- >> equifax announced the massive consumer reach. >> this is public information. >> isn't perfect but more than 200,000 consumers were compromised as well as other information and documents of more than 180 consumers? >> i'm not sure if that was public. >> is that correct facebook revealed 87 million users have their data exposed to cambridge analytic? >> is it correct november of last year we learned that they sold information of 57 million drivers? >> that is reported as well. >> i would like to submit the article states in january of 2017 at least 15 retailers were hacked and have information stolen from them that include macy's, adidas, sears, delta, best buy, under armour, panera bread, sonic, whole foods, game stop and ar

even bigger one was from yahoo impacting a whopping three billion users and and there was also that equifax breach that you just referred to last september so this is a big deal that probably isn't going to end a nice time soon right. yeah that's right i mean you know the list just goes on and now we have polls coming out showing how people actually feel about their online privacy or lack thereof and according to the campaign for accountability nearly seventy seven percent of americans believe that the internet and big tech companies invade their privacy part but it's crazy archie to toss a sweet thanks for time atocha thank you so much. and the european union and i trust regulators have google with a record five point one billion dollars or four point three billion euros over the internet giant use of its android bubble operating system to capture market share the e.u. competition commissioner marguerite best of your announced the finding that google's paktika to attain and keep its dominant position among internet search engines on wednesday and here's what she had to say. and today the c

if you take a third party such as equifax, how an individual may act with an equifax, they can choose to do to a different credit reporting agency. like i can choose to go to a different bank. i can't choose to go to a different irs. the challenge with the electronic authentication, it has to be secured and also diverse. >> i'm not sure you get to choose your credit reporting agency. that's not a relation we can choose. again, i thank the chairman for the courtesy. >> thank you. senator cardin, what's your timing? >> to proceed? >> i was asking you about your timing. >> my timing is always perfect. [laughter] >> are you rushing? >> i won't disagree with that. in that case, let me make a couple comments and ask a question, and then we'll move on to our others. i appreciate all my colleagues who came today. they all have other places to be. great testimony. in your oral and written testimony, you both talked about the oversight board. i want to get some input on that today. if we could start maybe with you, in your written testimony, you recommend a lot of changes designed to revitalize

certainly equifax, concerns for two -- it is an issue that many are grappling with. b steps would need to be taken their. area -- n question.t one of the enforcement actions -- are you going to take the side 9/11 scammers or are you going to take the side of those who were scammed as you decide what to do on this court case? >> please make your response prompt. >> absolutely. i'm aware of the constitutionality question, senator, i think they're important, but they're not for me in this position to answer. the director has a responsibility to carry out the law as it is written and run the agency as it is established now and that's my focus. >> senator corker? >> thank you, mr. chairman and thanks to both of you for your willingness to serve. i do want to respond to ranking member brown with sincere warmth. we came in together and i've enjoyed serving with you. it seems to me that what's been happening is if -- if we don't like something the president does, and i'll take a back seat to no one in challenging foreign policy issues, tariff issues with every ounce of energ

oh, you know, every day you hear 120 million people's names have been snatched from equifax or this or that or whatever. yeah, yeah, okay. and they probably got stuff from you through your phone. you should be changing your pass word every week. i can't remember a pass word anyway. et cetera, et cetera. there is a complacency and acceptance of what's happening out there. this is just what it is. this is just the result of it. and so i'm concerned about -- you say what are you worried at night. i'm concerned about a cyber 9/11. >> what would that look like? >> let's say you shutdown wall street for a week. what does that do to world markets and people's investments? let's say you crash bank of america or wells fargo. people are saying, what happened to my account, what happened to my retirement? we'll get it back. okay. well, we've seen this and we've seen coverage of that. we haven't seen the big one. what about an attack on the electric grid in new england in january? that maybe as sophisticated enough to take it out for three days. how many people will die from minus degree weather o

i could note equifax, specifically. a lot of members have expressed concerns about credit-reporting agencies and their practices. the equifax fallout is something that is going to be with us for long time as a nation, it's an issue we are grappling with, so that was certainly something launched under his leadership and i would say the wells fargo actions of enforcement as well. senator brown: my colleagues didn't do its job. but one of the enforcement tookns director cordray was against a company that scammed 9/11 first responders omb. a judge in that case struck down theomb omb -- struck down cpfb claims. would you challenge that ruling, or are you going to take the side of 9/11 scammers, or the side of those who were scammed as you decide what to do on this court case? i'm aware of the constitutionality questions. they are important that they are not for me in this position to answer. the director has a responsibility to carry out the law and his it is written and run the agency as it is established now, and that's my

i look forward to the results of the equifax investigation to understand what is happening there, to look at what the bureau staff has found in terms of the concerns. and i do think that the customer relationship there is really between the agencies and the financial institutions. so, ensuring that the consumer is protected in that situation, and that they are really limiting the information they are collecting to what is appropriate, and they are protect it, and the consumer has a measure of control and involvement in that going forward, is actually something that makes sense to me. and i look forward to getting into that more with the federal trade commission and the bureau staff if confirmed. sen. warner: my time is expired. mr. chairman, i want to note for the record, i appreciate your interest in the subject and the fact we have had a couple of hearings. i got to tell you, if this committee takes up any other legislative activities this year, it is going to be my intent to make sure that credit has appropriate garb rules, a year after equifax. still nothing has happened and that

we could get into equifax. i'm not sure we could get any answers. accountability for actions, i like that. transparency, working closely, holding bad actors. by the way, your answers did not reflect those values. at all. thank you, mr. chairman. >> senator tillis. >> well, welcome. before i get into some of the questions primarily toward miss kraninger, miss reed, i want to talk a little about what we -- thanks to both of you for coming to the office. but i want to talk a little bit about what i believe -- why i believe the xm needs to become functioning again. i think you in your open testimony talked about an increase number of equivalent agencies and the global markets. i, for one, think we've got to get away from this either or proposition and start talking about the reality that if we don't have this in our tool kit when we're competing and the global markets that we disable ourselves much the same way a state would get out of economic incentives. do you agree with that? >> yes, sir. >> do you also agree there may be things that could make the

protecting data, we could get into equifax. accountability for actions, tra transparency, holding bad actors. but your answers did not reflect those values at all. thank you mr. chairman. >> senator tillis? >> well, welcome. before i get into some of the questions primarily toward ms. kraninger, ms. reed, i want to talk a little bit about what we -- thanks to both of you for coming to the office, but i want to talk a little bit about what i believe -- why i believe the xm needs to become functioning again. i think if your opening testimony you talked about an increased number of agencies in the global market. i for one think that we have to get away from this either/or proposition and talk about the reality if we don't have this in our tool kit when we're competing and the global markets, that we disable ourselves, much the same way a state would get out of economic incentives. do you agree with that? >> yes, sir. >> do you agree there can be things to make xm bank less politicized if we can work on other things and can i get y

is the main way that security is breached whether it's us or governments or agencies or companies equifax you name it and what it is is you know we know the phishing e-mail you get an e-mail that's crying to lure you into clicking on a link but it's dear customer or dear someone else in the english is not particularly good but would spearfishing what they're doing is they're specifically tailoring that e-mail that text message to you with a link for you to click on but this time they may have gone on facebook and they may have found things that you're interested in perhaps you're talking about going to a baseball game maybe or a washington nationals fan maybe a red sox fan and there's something about that that connects with you or a particular band and sometimes we are our own worst enemy by putting too much information on social media that the scammers are able to really put to their own best use by luring us into. king on the links so the the lesson you never click on any link in an email in a text message in anything unless you've absolutely confirmed that it is legitimate almost every

next really big legal question on the issue that we have to tackle we are nibbling around the edges, equifaxach caused people to focus, encryption on the iphone, whether government should be able to demand certain kinds of access, is it around privacy when it comes to government is it around responsibility when it comes to massive technology companies that hold so much of the data >> i think the issue of what the government can do with our data is always going to be a critical issue and we see the encryption debate goes on and on. i believe encryption is important for everybody's security, even if it makes it more difficult for the government, i think that's a price worth paying in many ways, the government is closely regulating that. it is the private sector and use of data by private companies that is now becoming the source of concern in many ways, private companies harvest much more information than the government in its wildest dreams would ever collect. can the information be used to manipulate you, to intimidate you, to coerce you if, for example, an employer looks at all the informat

every day you hear, 100 million people's names have been snatched from equifax, whatever, and they probablytuck from your phone, you should be changing your password every week. i'm not going to do that. i cannot remember the password, et cetera, et cetera. there is a complacency of what is happening. this is the result of it. i'm concerned -- you say what are you worried about at my customer concerned about cyber 9/11. pick up what would that look like? >> well, you shut down wall street per week. i would that do investment's question work is a you crash bank of america or wells fargo, or whatever, and all of a sudden, people are saying, wait a minute, what happened to my account? what happened to my retirement? we will get it back. we have seen this. we have seen coverage of this. we have not seen the big one. what about an attack on the electric grid in new england in january? sophisticated enough to take it out for three days. how many people will die from minus degree weather on that? those are the things that i think you have to try to anticipate, what are the capabilities that our ad

tercero sumamente importante que te vas a comunicar con las tres caompaÑÍas de informaciÓn e crÉdito, equifaxta puesta con probabilidad te podrÍan negar las tarjetas de crÉdito porque piden mÁs informaciÓn. >> es tÚ decisiÓn. >> ahora hay compaÑÍas que constantemente llegan correos que te ofrecen un servicio de alerta y monitoreo cuando me llegan me da un poco de temor porque no sÉ cual es cuÁl cÓmo distingo y vale la pena el servicio? >> total, ve directo a la fuente las tres compaÑÍas de informe de crÉditos cada una de ellas tienen acceso directo a tu informe de crÉdito, y tu puedes accesar a travÉs de internet o el celular, y recibir la alerta, no vayas a terceros que te vengan la informaciÓn, si no que ve directamente a solicitarlee se servicio a la compaÑÍa de crÉdito de informe original para evitar. >> no recomiendas a los terceros. >> no es que no recomiende sino que reduces el riesgo porque tÚ no sabes que el tercero. >> me asustÓ cuando llamÉ al banco porque habÍan pedido el crÉdito para decir que yo no habÍa hecho ninguna solicitud cuando me empezÓ a hacer muchas preguntas tambiÉn m