Seems like the incompetence was caused by ignorance.
It was reported on Slashdot yesterday that Susan Mauldin, the woman in charge of the Equifax's data security, has a bachelor's degree and a master of fine arts degree in music composition from the University of Georgia, according to her LinkedIn profile. Mauldin's LinkedIn profile lists no education related to technology or security.
If that wasn't enough, news outlet MarketWatch reported on Friday that Susan Mauldin's LinkedIn page was made private and her last name was replaced with "M", in a move that appears to keep her education background secret.
So ignorance was followed by cover-up.