Recap: Equifax CEO Gets $20 Million In Bonuses, Simon Streamlines Purchases & More

 

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Josh
Josh (@guest_789401)
July 26, 2019 14:18

CEO of Equifax had his data hacked during the breach and he suffered massive losses of unheard amount. So it’s normal he got $20M as a compensation.

YoniPDX
YoniPDX (@guest_788412)
July 25, 2019 13:04

The problem is Risk-Reward for CEOs and C-suite execs since you can’t jail at Corp., and so many Corps, consider fines/lawsuits for bad behavior a cost of doing business.

The Execs need to be held accountable and the huge bonuses (put in a trust over so many years so it can be ganked back for FU or screwing shareholder’s or customers).

Otherwise bad behavior that is highly reward will continue.

Frank
Frank (@guest_788286)
July 25, 2019 09:25

I don’t see why people lose their minds when the CEOs get large bonuses — the same people being hurt by that are the ones that you want to be hurt by fines (Equifax shareholders). The bonus is based on the historical stock performance of the company which is trading just below where it was when the hack was announced and had a 5x run up under his control.

I could see why you might be outraged as a shareholder — you’d have thought the clawback would cover any event that cost the company hundreds of millions of dollars rather than just accounting issues which is fair but probably not market standard.

I’d be more concerned about the CIO as he’s the one who would be in charge of data security.

You also need to bear in mind that when nation-states are part of the hacking landscape companies don’t stand a chance at protecting your data — foreign attackers will get in because they have the best tools and can commit far more resources to these types of projects than the counter-effort can.

Danno
Danno (@guest_788291)
July 25, 2019 09:43

You make a couple good points, but saying that companies don’t stand a chance is a bit much. Companies still have a requirement to protect their customers’ information. If they “will get in” regardless, then every company is screwed and the internet is dead. Many others seem able to protect their data, Equifax didn’t.

MoreSun
MoreSun (@guest_788298)
July 25, 2019 10:00

While a foreign actor might have been responsible the tech world (and government lol) concluded that Equifax 100% could have prevented it. (Google “Equifax hack preventable” if you really want to get your blood boiling.) TLDR; their data security was crap and the people in charge of it were laughably incapable of their jobs. Every last Equifax executive should be in jail -it’s amazing how good data security would get if these execs start going to jail for failing to secure customer data- and the stockholders should be suing for whatever they can in bankruptcy court after the company went under due to fines, lawsuits and lack of business as the industry stopped cooperating with them. We should be down to 2 credit bureaus & discussing the 3rd one that would inevitably come out of the ashes of Equifax…. But money > people.

Frank
Frank (@guest_788370)
July 25, 2019 11:41

Don’t take my comments as disagreeing — the fact that this was easily preventable is appalling but I’m more mad at our failure of regulation to actually punish them for it. I think instant jail time for all the executives takes the issue too far — not everyone gets to decide what they do for data security but those with the power should be held responsible in cases (like this) where basic measures weren’t in place

Dave
Dave (@guest_788581)
July 25, 2019 17:28

Equifax is a data company, man. That’s literally their business. As such, data security is a front-line business issue and the CEO should definitely be on top of it and held accountable. That’s why the guy is no longer CEO.

Debit
Debit (@guest_788312)
July 25, 2019 10:29

The original amnesty: incompetent CEOs making far more than they are worth, corrupt presidents avoiding prison, wealth received from slavery being protected from legal scrutiny for generations.

Peter
Peter (@guest_788401)
July 25, 2019 12:36

Frank – I know your argument is that the breach and the CEO bonus are generally two separate issues, and I agree. But that doesn’t mean it should stay that way or people shouldn’t be outraged.

Here’s an example – I have a white collar, professional office desk job. I handle sensitive data (SSN, DOB, etc) from time to time, and if I screw up by sending that data to the wrong client, or transmitting it unencrypted, and if it leads to consequences for my employer (loss of a large client, get sued, bad press, etc), I expect to be let go and – guess what – I expect no severance, let along a bonus. I also expect to have a hard time finding a comparable job afterwards. So if those of us on the grounds have this awareness, it’s not unreasonable that we extrapolate the responsibility to those who are valued 100x higher by the market. It makes total sense to me that more pay/power/status should come with higher (vs. lower) standards.