SECURITIES CASES: YAHOO AGREES TO PAY $35M TO SETTLE CHARGES AND A BIOTECH START UP IS ACCUSED OF ISSUING MISLEADING INFORMATION
Altaba is Fined $35M For Not Disclosing World’s Largest Data Breach
Altaba, formerly Yahoo! Inc., will pay a $35M penalty in a data breach settlement to resolve US Securities and Exchange Commission charges accusing the entity of misleading investors because it did not disclose a major cyber-security data breach. Despite settling, Yahoo is not denying or admitting to the findings.
The data breach, one of the largest in the world to date, involved Russian hackers stealing personal information involving hundreds of millions of user accounts in 2014. The information that was taken included usernames, birth dates, email addresses, passwords that were encrypted, phone numbers, and both security questions and answers. Yahoo’s information security team found out about the breach soon after it happened.