More than sloppy cybersecurity measures, the massive data breach uncovered at Equifax revealed inherent flaws in the U.S.: the over-reliance on Social Security numbers credit reporting system in need of reform.
The Social Security number is a “chief means” of identifying and gathering information about an individual, according to website of the Social Security Administration. Among others, it is used in the opening of a bank account, application for loans and filing of tax returns.
The wide usage in both government and private sectors, and the ease of using it to access highly-sensitive accounts, has made hacking systems such as credit reporting agencies more appealing, experts told CNBC.
