Business Privacy

Former Equifax Exec Jailed for Insider Trading After Profiting From Data Breach

The Infinite Brief
Former Chief Information Officer of Equifax, Jun Ying, has been issued a prison sentence for insider trading on the firm’s disastrous data breach before the incident became public knowledge.

After receiving a tip in his role as a CIO that a potential data breach had taken place, Ying began researching the potential impact the public disclosure of the cyberattack may have on the Equifax share price.

After examining how rival company Experian suffered after a 2015 data breach, two days after the discovery of the incident, Ying exercised his stock options and received a total of 6,815 shares.

According to US prosecutors, the insider trading benefited Ying to the tune of over $480,000 and circumvented a loss of over $117,000.

Curated from ZDNet

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