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Malicious Life

The Equifax Data Breach Pt. I: A Big Data Bubble

Malicious Life

Malicious Life

Technology

4.81K Ratings

🗓️ 27 March 2019

⏱️ 45 minutes

🧾️ Download transcript

Summary

In their 120 year history, Equifax never sold anything, or provided any service to ordinary folks - except collect DATA. In 2017, that huge data repository, a 1000 times larger then the Library of Congress, got hacked. Advertising Inquiries: https://redcircle.com/brands

Transcript

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0:00.0

Hi, I'm RAN Levy.

0:05.0

Welcome to Malicious Life in collaboration with Cyberreason. reason.

0:24.0

Facebook collects so much information about you that its algorithm can sense when you're falling out of love with your partner. But it started out in 2003 as a game for college kids.

0:29.0

Google can tell when you're pregnant before you do.

0:32.0

Its original purpose was to index the world's

0:34.7

collective knowledge. Typically speaking, you don't just build a big data company.

0:40.7

The story goes that a couple of young founders starred in a garage with a small business idea,

0:47.0

setting books maybe, or a Kichy concept for an app.

0:51.0

Only years later, after massive growth and success, does a company seize their potential

0:57.2

for information trafficking. But in the 120 year history, Equifax never sold anything or provided any service to ordinary folks in order to grow their business.

1:11.0

It's a multi-billion dollar cooperation today, so it appears to the eye quite different than it did

1:18.7

at the beginning.

1:20.0

But before we dive into the story of the notorious Data Bridge of 2017, it's important to understand

1:27.6

that underneath the surface, though, Equifax is the exact same company it has always been.

1:34.0

And it's because long before high-speed internet,

1:38.0

before a single employee was hired,

1:41.0

the founder of the company had an insight that most of us would come to only a century later,

1:47.0

that there was big money to be made in collecting and selling people's information

1:53.1

whether they liked it or not. Keter Wolford was a former bank employee from Maryland who in 1899 owned a grocery store in Chattanooga, Tennessee.

2:16.0

Back then, being a grocer meant something different than it does today.

2:21.0

Wolford personally knew many of the folks who walked in his front doors.

2:25.9

A few of them were his suppliers, others were his neighbors.

...

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