Eric Chaffee | Source | Professor of Law at The University of Toledo

It's pretty remarkable how long Equifax has been aware of the problem and did not disclose it. The main problem here is the failure to disclose a catastrophic cyberattack that compromised the information that is at the heart of Equifax's business model. This created a duty to disclose this attack in a timely fashion to investors, potential investors, and those whose data was compromised.