Two years ago exactly, someone began hacking Equifax.
The intrusion into Equifax’s network began in May 2017 but wasn’t discovered until July.
Congress has called the entire incident “entirely preventable” and one US congressman called Equifax executives “stupid.” Outside of Capitol Hill, the conversation was a lot less polite.
This week, the financial rating service Moody’s downgraded Equifax from a “stable” to a “negative” outlook due to the high level of cybersecurity spending and litigation that comes as a direct result of the 2017 breach.
Moody’s expects $400 million more spent in each of the next two years and then a $250 million bill in 2021.
The cash Equifax will have to spend in relation to the cyberattack and bolstering its security are going to ding the company’s profits, according to Moodys, which explained in its report that, after next year, Equifax’s “infrastructure investments are likely to remain higher than they had been before the 2017 breach.”