Why do big hacks happen? Blame Big Data | Jathan Sadowski

The Equifax hack, which exposed 143 million people, is a reminder that data companies have too much power

Equifax, one of the largest credit reporting agencies, revealed on Thursday that it was hacked back in May, exposing the personal data of up to 143 million people. The data accessed by hackers contains extremely sensitive information like social security numbers, birth data, consumer's names, driver's license numbers and credit card numbers.

This breach is a monumental failure of cybersecurity, which raises many pressing privacy concerns. However, beyond those issues, it also illustrates a fundamental problem of the data economy as a whole: databanks like Equifax are too big.