Kevin Malicki keeps financial institutions up-to-date on Governance, Risk, and Compliance (GRC) as Director of Product Management at Harland Clarke.
Questions to Ask If Your Institution Uses Equifax
On a recent call with one of our financial institution clients, I asked: “Do you use Equifax?”
The client responded: “Doesn’t everyone?”
This was an eye-opening moment for all of us on the call.
Every piece of data that Equifax has, it obtained directly from a financial institution.
Because of the potentially life-changing damage to nearly half of the population in the U.S., I would not be surprised if the Fed finds fault with every financial institution that provided Equifax with personal and identifiable information.
Have you considered your own business risk in this situation?
I’ve prepared a checklist of 40 questions every financial institution should be asking in the wake of Equifax’s data breach.
- Have you read your contract with Equifax?
- Do you know where it is?
- Is it up to date?
- Does it contain a clause regarding a breach of information?
- If so, who is legally responsible?
These are just a handful of questions. Email me at kevin DOT Malicki AT harlandclarke DOT com, and I’ll send you the full list.
And if you’re interested in learning how our GRC Spotlight solution can help you navigate the risks of the Equifax breach, let me know so we can schedule a time to talk.