RE: Equifax data breach
The five-week delay from discovery of the breach on July 29, 2017 to the September 7, 2017 public announcement is understandable given that Equifax hired a cyber security company to perform an assessment to determine how and when the information was compromised. However, the companyâ€™s chief financial officer, presumably someone on the short list of executives to be notified of a cyber security disaster, sold more than 13 percent of his Equifax stock on August 1, 2017, a transaction generating proceeds of $946,374. The company stated that CFO John Gamble and two other high-level employees who sold stock on August 1 and 2 were unaware of the data breach at the time of their stock transactions. Equifax stock closed at $146.26 on August 1 and $98.99 on September 13, a loss of one-third of its value post-disclosure.