Equifax Launches 2020 Security Annual Report

Rhea-AI Summary

Equifax has released its inaugural 2020 Security Annual Report, highlighting a three-year transformation in cloud technology and security following a significant breach in 2017. The company invested $1.5 billion, marking its largest investment to enhance security. CEO Mark W. Begor emphasized that this security-first approach is central to Equifax's record business performance. The report shows Equifax exceeds financial services security maturity benchmarks, and aims to serve as a guide for other organizations to strengthen their cybersecurity practices.

Positive

• Equifax invested $1.5 billion in security and technology over three years, the largest in its history.
• The company has established a security-first culture, exceeding financial services industry benchmarks in security maturity.

Negative

• None.

ATLANTA, May 5, 2021 /PRNewswire/ -- Equifax Inc., a data, analytics and technology company, today released an inaugural 2020 Security Annual Report, detailing the company's three-year enterprise-wide cloud-technology and security transformation, establishing the company as a leader in security. The steps Equifax has taken to quickly rebuild its entire organization from technology to culture serve as a blueprint for how other organizations can establish a security-first approach to maintain success and protect themselves and their customers.

Following its own breach in 2017 by a military arm of the Chinese government, Equifax made significant changes to transform its security enterprise-wide. The company invested an incremental $1.5 billion over the past 3 years to rebuild its security and technology environment in the cloud, the largest investment in the company's 122-year history. Equifax continues to maintain a focus on investing in the very best processes, technology, and capabilities in order to defend against future threats and protect its customers and consumers. 

"When I joined Equifax in 2018, I made a personal commitment to build a culture where security is a part of our DNA and to establish Equifax as an industry leader in data security," said Mark W. Begor, Chief Executive Officer, Equifax.  "Our $1.5 billion investment to transform and rebuild the foundation of our business was designed with security at its core.  Our Equifax cloud-native security program enables us to provide unparalleled customer engagement with confidence, and it is a critical factor to our record business outperformance in 2020 and in Q1 of 2021."

A key part of the report shows how Equifax compares to financial services benchmarks for security maturity, cybersecurity posture, and employee security awareness, among other things. This benchmarking gauges progress on how well an organization adapts to and manages cyber risks over time.  Equifax exceeds financial services industry benchmarks in more than one category.

Led by CISO Jamil Farshchi, who joined Equifax in 2018, Equifax operates with a leading team of security experts who have successfully established a security-first culture and built trusted relationships with its customers and partners worldwide.

"We hope that by sharing the details of our own security transformation, this report can serve as a blueprint to help others develop stronger security practices," said Jamil Farshchi, CISO, Equifax. "We only win in cybersecurity by working together, learning from each other, and building a collective defense."

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com

FOR MORE INFORMATION
mediarelations@equifax.com

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SOURCE Equifax Inc.

FAQ

What is the significance of Equifax's 2020 Security Annual Report for investors?

The report highlights Equifax's substantial $1.5 billion investment in security, indicating a commitment to improving cybersecurity which could positively influence investor confidence.

How did Equifax's security transformation affect its market position in 2021?

Equifax's transformation is credited with record business outperformance in 2020 and Q1 of 2021, positioning it as a leader in data security.

What benchmarks did Equifax exceed in its 2020 Security Annual Report?

Equifax exceeded financial services industry benchmarks for security maturity, cybersecurity posture, and employee security awareness.

What was the reason behind Equifax's $1.5 billion investment in security?

The investment was a response to a 2017 breach, aimed at rebuilding its security infrastructure and enhancing customer protection.