Equifax CEO gets huge bonus: AS HEARD ON – WGIR NewsRadio 610 [04-09-18]
On This Episode…
What happens if you lose critical data for your company? Would you get reprimanded or even lose your job? How about if you quit afterward? Would the company owe you?
Well I think we all need to go to work for Equifax! Jack and Craig spend some time this morning discussing the one million dollar bonus that the ex-CEO of Equifax got. Remember he oversaw 1,200 times more data than the Library of Congress and let it get breached. Wouldn’t you like a huge bonus if you screwed up that badly —- unbelievable
Jack and Craig discuss Craig’s upcoming security briefing this week on the “7 cybersecurity threats that small businesses and what they can do to stop it”. It is free and you can sign up to reserve your seat here: https://mainstream.net/webinar/
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Below is a rush transcript of this segment, it might contain errors.
Airing date: 04/09/2018
Equifax CEO Gets Million Dollar Bonus – Special Free Webinar This Thursday
Craig Peterson: [00:00:00] Hi. Craig Peterson here. This morning I spoke with Jack Heath about, well I don’t I just don’t get this OK. How can the head of Equifax get a bonus? What’s going on here? Well we talked a little bit about that. This is absolutely crazy. I mean a big bonus. A bigger bonus than you and I make in a year. And in fact way more. And his bonus last year. Ok, remember he’s the guy that oversaw the dismal, dismal failures over at Equifax. He made more in a bonus last year than most people will make in a lifetime of working. And I also want to invite you to the webinar, and Jack and I talk a little bit about it, that I’m having this week. This Thursday. I’m going to go through the top seven things the business people need to know now. Now these all come from the FBI, and what the FBI has been releasing and saying from their studies, their statistics, their reports. What should you do as a small business owner? Now you got to get on it on Thursday it’s absolutely free. I’m going to tell you also what to do about it. And you can sign up by going to https://craigpeterson.com/briefing. So that’s Craig Peterson, C-R-A-I-G-P-E-T-E-R-S-O-N.com/briefing. B-R-I-E-F-I-N-G. Or you can go to https://craigpeterson.com/webinars. They both lead you to the same place. You can sign up there. We’re going to have additional webinars drilling into more details of some of these things so make sure you sign up and I’ll let you know about the other webinars that come up.
Jack Heath: [00:01:47] Data Breach. Personal data getting out. Boy it’s becoming all too common and someone has been talking about this for a while is Craig Peterson our own Tech Talk guy and Richard Smith is the former Equifax chief executive. And he’s going to talk a little bit about pay raises. Good morning Craig. How are you?
Craig: [00:02:06] Hey good morning. Doing good, Jack.
Jack: [00:02:10] Well tell us about this one.
Craig: [00:02:13] What a guy, eh? Can you believe this? Absolutely not. Equifax, of course, last year lost the personal information of approximately 150 million Americans and even more than that when to go worldwide. So he is the CEO of Equifax at that time. So that means he’s responsible for all of the systems that they have right? Soups to nuts. And he’s of course now the former chief executive. But he’s getting the nearly one million dollar raise for his work last year. Now that’s from a report that came out last Monday from the company, from Equifax. It’s absolutely crazy here. He resigned in September. He’s going to bring in a total of almost 16 million dollars in total compensation for 2017. And it’s estimated that the Equifax hack cost us, the regular consumers, approximately two billion dollars in credit monitoring fees and others. So here he is. He’s getting nearly a million dollar raise, costing us billions. I don’t get this. Jack. What is going on? Why does Equifax, why are they even around? Their stock now just fall to the ground.
Jack: [00:03:40] Well Dr. Deb Osgoode has been a regular part of the show and contributor on the workforce side of things. And we’ll be doing more together with her. But she’s pointed this out, and she’s a pro-business person, pro- market person. I’m a pro-business, pro-market person. You are too, Craig Peterson. Host of Tech Talk. I don’t get, I don’t get some CEO compensation in salary packages. And again I mean kudos to anyone who can make what they can. That’s not my point. My point is sometimes they’re almost rewarded for bad behavior and I don’t get it.
Craig: [00:04:10] Yeah and that’s what it seems like happening here frankly.
Jack: [00:04:11] I mean 15 million. I mean you got to be lucky to make a million a year.
Craig: [00:04:16] Isn’t that crazy?
Jack: [00:04:18] I mean really. Now you and I might be in the wrong business. Maybe we should just get one of these CEO jobs. I mean you could do. I think there’s some middle schoolers who could do a better job than this guy.
Craig: [00:04:30] It absolutely falls on him, the blame. They were not doing the security audits they were supposed to be doing. They did not have the meetings that they were supposed to be having. He was supposed to have meeting with his security team and they were not covering the main security aspect. They were making a value judgment as to wow if we fail it’s going to cost us this much. If we try and fix the problem it’ll cost us maybe a little bit less so we’re not going to do it. And we’re seeing more and more of these sorts of problems frankly out there. We’ve now got the GDPR which is the new European privacy standards going into place that will affect all of us here in the U.S. if you have a single person from Europe to visit your Web site. There are now very high standards that have been in place for two years. And next month Jack they’re going to have penalties attached to them. We’re doing some of the same things here in the U.S. So people are going to start to go to jail for this sort of thing. Thank goodness. Unfortunately it’s going to be mostly in Europe. It’s not going to be in the U.S. But we’ve got to be more careful with our data. And if I could mention this Jack, on Thursday, I’m having a free briefing for people because you know I’m doing the InfraGard, FBI InfraGard webinars now, the national ones, on security. But I’m doing one for our listeners on Thursday this week that they can sign up for my web site at just https://craigpeterson.com/webinar. https://craigpeterson.com/webinar.
Jack: [00:06:05] And that’s with O-N on Peterson. Yup.
Craig: [00:06:09] O-N. Exactly. And we’re going to talk about these things. What’s happening? What you can do? What you can do as a business person particularly to help protect yourself. What the FBI is saying is going on right now. We’re going to cover the seven most important things they need to know and we’re going to tell you what to do and how to do this. This is a first in a series. I’m going to do seven of these Jack. They kind of go into a bunch of different areas that people can attend. And it’s all free. But we’ve got to do something. And you know the legislature, there’s not much they can do about it. Businesses you know there’s a lot they can do about it but many of them just aren’t taking action because they don’t know what to do with it. They’re kind of paralyzed Jack.
Jack: [00:06:53] All right good stuff. Craig Peterson. Check it out. Craig Peterson, with an O-N on Peterson.com for more on that webinar on Thursday. Thank you Craig.
Craig: [00:07:02] Hey thanks Jack. Appreciate it.
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