Last week we had the opportunity to watch Congress grill Mark Zuckerberg about the manner in which Facebook handles our private information – and well they should. Our personal information should be sacrosanct. However, I’m betting you didn’t hear about the following data breach.
[Source: Forget Facebook, Here’s The Real Privacy Scandal, International Business Daily Editorial]
As the Consumer Financial Protection Bureau (CFPB) gradually fades into oblivion, a well deserved place for this particularly egregious federal overreach, it leaves yet another unwanted legacy. It might well be the all-time winner in the “who-is-the-most-easily-hacked” government agency.
The CFPB, among its other iniquities, has been Hoovering up oceans of highly sensitive financial data on you and hundreds of millions of Americans under the guise of “consumer protection.” This information is somewhat different from who I “like” on Facebook. These stalwart “protectors-of-consumers” were collecting and stockpiling data from more than 600 million credit card accounts, virtually every mortgage loan for the past two decades, car payments and… well you name it, they collected it. And guess what? It was all done without your knowledge or consent. At least on Facebook we volunteered out private information.
Mick Mulvaney, the new head of the CFPB (Thank God), told Congress that the Bureau was hacked 240 times — that he knows of — and possibly another 800 times. He informed the American people and Congress that “data got out that should not have got out.” So Social Security numbers, bank accounts, mortgage information, credit card data – on just about every American – is… well, out there!
How did it happen, ask you? Where was cyber security? Well, let’s see, answer I! In 2014, the Government Accountability Office warned that “additional efforts are needed in several areas to reduce the risk of improper collection, use, or release of consumer financial data.” A year later, an inspector general audit found that the CFPB had still “not yet fully implemented a number of privacy control steps and information security practices.”
These individuals who were charged with safeguarding the American consumer were sharing your information with outside contractors. They stored your sensitive information on unsecured clouds.
I’d like to point a finger (I won’t mention which finger) at the Democrat Party. They created the CFPB as part of the Dodd-Frank financial reform bill. And let’s not forget who pushed this on us and wanted the credit for this agency. None other than Elizabeth Warren in case you forgot. Don’t forget the next time she runs for office.
And thanks to HP for sending this to me.