"What measures can authorities undertake in order to avoid cases like the recent Equifax leaks? Should credit bureaus be tested for security breaches by authorities on a regular basis? If so, would the CFPB play a larger role in regulation and enforcement of bureaus?
I have thought for a long time that we are asking the wrong question (i.e., how do we stop breaches), because the real question is how do we stop identity theft? People have been handing out their SSNs for decades, and if you asked anyone, "Name everyone that has your SSN," no one would have a clue. The "breach" occurred because it is easy to pull together identity information from disparate sources, even without resorting to the "dark web." The SSN outlived its usefulness as a valid identity device long ago, and we need to move quickly to a better system -- this is something that blockchain could help solve, for example."
- Date Published:10/18/2017
- Original Publication:WalletHub