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00:00:00
>> It is unconscionable that Equifax failed so spectacularly to protect people's most sensitive, personal data.>> Almost my entire state's gonna be impacted, so this is a travesty.>> This day was never going to be easy for former Equifax CEO and Chairman Richard Smith. House lawmakers on both sides of the aisle taking swings at the former executive like a pinata, Tuesday, for the credit reporting agency's massive security breach.
00:00:26
Allowing hackers to steal key personal data, like names, Social Security numbers, addresses, and even drivers license info. Smith, taking a page of what has become the CEO playbook, offered an apology.>> I'm here to say to each and every person affected by this breach, I'm truly and deeply sorry for what happened.
00:00:48
>> But his I'm sorry met with across the board disdain, especially from lawmakers who feel Equifax is getting off easy. While defenseless consumers face a limited vulnerability to data thieves, without an expiration date and unknown costs. Republican Joe Barton of Texas, going as far as suggesting it's time to hit the industry where it hurts.
00:01:09
>> I'm tired of almost every month there's another security breach. I think it's time, at the federal level, to put some teeth into this, and some sort of a per account payment.>> Smith wouldn't say whether a foreign entity was behind the stolen data. But he did blame human error for not installing a software patch, and on a technical glitch for not noticing the resulting security gap.
00:01:35
But that did not go over well either with Oregon's Greg Walden, another republican.>> How does this happen, when so much is at stake? I don't think we can pass a law that, excuse me for saying this, but fixes stupid. I can't fix stupid, as a colleague of mine used to say.
00:01:52
>> Smith, having a solution of his own, calling for fellow credit bureaus, Experian and TransUnion, to follow his lead by offering credit locking services for free, forever. Smith will be back on Capitol Hill, Wednesday, this time before the Senate.