Another Staffer at Mega-Hacked Equifax Slapped with Insider Trading Rap
Credit agency promises eight US states it will boost cyber security measures, escapes fine
A former Equifax software engineering manager was today charged with insider trading – and has promised to pay back his alleged ill-gotten gains.
Meanwhile, eight US states decided to let the biz off with just a slapped wrist instead of a fine after it was thoroughly hacked last year.
The credit agency's computer security fiasco, during which the personal data of 148 million people was exposed to miscreants, was discovered at the end of July 2017, yet the agency kept quiet about it until September that year.
As the scandal hit the headlines, a number of reports emerged that some execs at Equifax had made good use of the three-month quiet period, allegedly offloading their shares in the biz – something the US Securities and Exchange Commission has been looking into.
The SEC announced today that a second employee has been charged with insider trading, the first being against Jun Ying, former chief information office in Equifax's US business unit.
According to the watchdog, software engineering manager Sudhakar Reddy Bonthu “traded on confidential information he received while creating a website for consumers impacted by a data breach.”
The SEC alleged Bonthu – although told the website work he was doing was for an unnamed potential client – figured out it was for Equifax itself.
Armed with that information, the SEC claimed, 44-year-old Bonthu purchased Equifax put options, which allow the holder to sell a specified amount of a security at a specified price within a specified time frame.
“Less than a week later, after Equifax publicly announced the data breach and its stock declined nearly 14 percent, Bonthu sold the put options and netted more than $75,000, a return of more than 3,500 percent on his initial investment,” the SEC claimed.
The engineering manager "was terminated from Equifax in March after refusing to cooperate with an internal investigation into whether he had violated the company’s insider trading policy," the watchdog added.
Bonthu has, we're told, already settled the SEC's charge, and agreed to pay back that money plus interest. The regulator said:
However, this is not the end of the saga for the Bonthu: the techie now faces criminal charges [PDF] of insider trading, brought today by the US Attorney’s Office for the Northern District of Georgia.
Not a fine day for Equifax
Meanwhile, eight US states’ banking departments have opted to make a deal with the credit reporting biz – and stops short of imposing a fine on the firm.
In a statement, the New York Department of Financial Services superintendent Maria Vullo said that Equifax had agreed to a consent order.
“The consent order announced today between Equifax and the commissioners of eight state banking departments demonstrates the necessity of continued state oversight of financial services companies,” Vullo said.
This order requires it to make corrective actions including a proper risk assessment and improving the board’s oversight of information security information, audit, patch management, information technology operations, vendor management, and other functions.
In the UK, investigations led by the Information Commissioner's Office and Financial Conduct Authority are ongoing.
Source: theregister
Latest Jobs
-
- Senior Client Microsoft Security Delivery Consultant - Hybrid (London | Remote)
- London
- N/A
-
Senior Client Microsoft Security Delivery Consultant - Hybrid (London | Remote) We are seeking an experienced technical Security Consultant to help clients deploy and enhance their cyber defences across Microsoft and vulnerability management technologies. You will work with enterprise customers to deliver tailored solutions across threat detection, endpoint protection and exposure management, ensuring security platforms are efficient, integrated and aligned with operational goals. Whilst you won't do the design yourself- you will work alongside technical Presales to document, agree and then deliver the solution. You will have experience leading delivery the implementation and improvement projects, providing hands-on support with configuration, integration and optimisation. You will assess existing environments, recommend enhancements and guide clients on best practice to strengthen visibility and control. Strong experience with SIEM, XDR and vulnerability tooling (Microsoft & Tenable ecosystems ideal) Understanding of Azure security, identity and access controls Background in consulting or project-based cyber delivery Clear communication skills with the ability to engage senior stakeholders Extra points if you have the SC-100. You must be eligible to achieve UK Security Clearance to be considered for this role.
-
- Account Director | Cyber Security Consulting | UK - South East
- London
- N/A
-
Account Director | Cyber Security Consulting - Financial Services | UK - South East. New Role due to Growth We are looking for an experienced Account Director to develop and expand existing relationships across the financial services sector, working with investment firms, asset managers, private equity groups and strategic partners to deliver intelligent cyber consulting and a bespoke Cyber product offerings. You will act as a trusted advisor, helping organisations strengthen digital resilience, manage third-party and regulatory risk and adopt a proactive approach to cyber assurance. Key Responsibilities Manage a defined portfolio of financial clients, understanding business priorities and aligning tailored cyber solutions. Drive new client engagement while nurturing existing partnerships through a consultative, long-term approach. Present the benefits of advanced cyber services including threat intelligence, vulnerability management, incident readiness, and continuous risk monitoring. Collaborate with technical and delivery teams to ensure smooth engagement from proposal through to implementation and ongoing support. Prepare proposals, negotiate commercial terms, and clearly articulate value and business outcomes. Build trusted relationships at senior and board level. Ideal Profile Strong background in cybersecurity, consulting, or risk management within financial services. Skilled communicator with proven success managing and growing key accounts. Able to translate complex technical insight into commercial and strategic value for clients. Confident engaging with senior stakeholders and decision makers. Please note: Sponsorship is not available.
-
- SOC Analyst- Level 2- Hybrid Greater London
- London
- N/A
-
SOC Analyst- Level 2- Hybrid Greater London New opportunity created through continued growth. We’re looking for a SOC Analyst (Level 2) to strengthen a growing managed security team. You’ll work hands-on with Microsoft Sentinel and Defender XDR, investigating alerts, responding to incidents, and helping improve how clients stay protected. This role is ideal for someone who enjoys unravelling security events, thinking critically under pressure, and making a real difference day to day. What you’ll do · Investigate and respond to security activity across SIEM and endpoint tools · Analyse network and log data to uncover real threats · Support automation initiatives to streamline response processes · Help maintain visibility, data flow, and performance across SOC platforms What you’ll need · Practical experience using Microsoft Sentinel and Defender XDR · Confident working with KQL or similar query languages · Understanding of attacker tactics and response techniques · SC-200 certifications would be nice. · Experience supporting multiple customer environments Please note: Sponsorship is not available.
-
- Senior SOC Engineer - UK - New role due to growth
- London
- N/A
-
Senior SOC Engineer – New role due to growth We are hiring a Senior SOC Engineer to take the lead across security operations for a growing managed service. You will lead detection, response and onboarding activity across multiple clients, helping shape how the SOC evolves. Expect variety; from fine-tuning alerts and threat hunting to supporting customers and mentoring junior analysts. What you’ll bring · Strong experience across SIEM, EDR, and threat detection tools · Confident working with customers in a managed service environment · Skilled in scripting or query languages such as KQL or PowerShell · Knowledge of frameworks like NIST, ISO27001, MITRE ATT&CK · Calm communicator with a problem-solving mindset · Experience with Azure Lighthouse or delegated access models · Prior involvement in automation or SOC improvement projects Location: South East England- Hybrid role Please note: Sponsorship cannot be offered now or in the future.