TransUnion reveals details about massive data breach — and why it refuses to pay the ransom

Furthermore, in “isolated circumstances”, spouse information, passport numbers, and credit or insurance scores may be impacted.

It demanded $15-million in cryptocurrency in exchange for not leaking the data online. The deadline for payment was 23:59 on Friday. The entities have recommended that TransUnion not pay, particularly given the risk that hackers and criminals may leak the data anyway. “It omits critical information that provides assurance on how the matter is managed. The report neither provides detail on how the credit bureau will mitigate the subsequent risks nor information on how the credit bureau will remedy this crisis.”

Source: Loan Digest (loandigest.net)

The real reason is that they face no repercussions for their weak security. Banks will continue to use them so their business will go on. The fine is paltry compared to the ransom. It’s shocking that such incompetence is allowed to handle our personal data.

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