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Former Equifax CEO apologizes for massive breach

Former Equifax CEO apologizes for massive breach
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Richard Smith, the former Equifax CEO who resigned from the credit ratings agency last month, apologized Tuesday for the company’s massive data breach that left the sensitive information of 145 million people exposed to hackers.

"We at Equifax clearly understood that the collection of American consumer information and data carries with it enormous responsibility to protect that data,” Smith told the House Commerce subcommittee on consumer protection Tuesday morning, according to his prepared remarks.

"We did not live up to that responsibility, and I am here today to apologize to the American people myself and on behalf of the Board, the management team, and the company’s employees.”

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Tuesday’s hearing was the first in a series of Capitol Hill appearances scheduled for Smith.