Federal Reserve Chairwoman Janet Yellen on Wednesday warned millions of Americans to scrupulously monitor their credit reports following a “very serious data breach” at Equifax.
“We would really urge consumers to be very careful in monitoring their credit reports and financial situation,” said Yellen at a press conference following a two-day Federal Open Market Committee meeting.
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Equifax’s data breach is one of the worst ever, in terms of both its reach and the kind of information that was exposed to cyber thieves.
Related: How the Equifax data breach happened: what we know
The credit report company disclosed earlier this month that it had discovered a giant cybersecurity breach on July 29, compromising the personal information of as many as 143 million Americans — nearly half the country. Sensitive information like names, social security numbers, birth dates, addresses, and the numbers of some driver’s licenses may have been compromised as a result.
She also cautioned of the threat that cyberattacks pose to the financial system.
“We do see [it] as one of the most significant risks to the financial sector,” said Yellen.
Related: Wells Fargo accused of ripping off mom-and-pop shops
Yellen said the recent data breach points to the importance for strong cybsecurity controls — and that the Fed and other regulators are focused on ensuring banks have them in place, she noted.
CNNMoney (Washington) First published September 20, 2017: 5:51 PM ET