Yahoo Fined $35M For Waiting Nearly 2 Yrs To Reveal Breach
By Dunstan Prial (April 24, 2018, 7:44 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday said Altaba Inc., the company formerly known as Yahoo, will pay $35 million for misleading investors by waiting nearly two years to acknowledge a massive computer breach, the first such penalty ever levied against a publicly traded company for failing to disclose a cyberattack.
In an administrative proceeding order, the SEC said that Yahoo officials, despite learning of the breach days after it happened in December 2014, failed to disclose to investors that Russian hackers had broken into Yahoo's database and stolen the personal information of hundreds of million of its users....
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