Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Reaper (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

SEC hands down $35 million fine in Yahoo hack

% of readers think this story is Fact. Add your two cents.



$35 million fine is a drop in the bucket and it was paid to make the SEC go away, but who actually benefits from the money? 

 

Yahoo disclosed a new security breach on Wednesday that may have affected more than one billion accounts. The breach dates back to 2013 and is thought to be separate from a massive cybersecurity incident announced in September.

Yahoo may have changed its name, but it’s still paying for a massive 2014 data breach.

Altaba, what’s left of Yahoo after the company sold most of its properties, has agreed to pay $35 million to settle charges that it misled investors about the hack, the US Securities and Exchange Commission said Tuesday.

In 2017, Yahoo completed the sale off its core business to Verizon for $4.48 billion. It retained large stakes in e-commerce company Alibaba and Yahoo Japan and changed its name to Altaba.

Yahoo knew that Russian hackers had obtained personal information from about 500 million of its users just days after the breach, according to the SEC. But it didn’t tell its investors and the public until two years later.

The information included birth dates, phone numbers and encrypted passwords.

Altaba told CNN it had no comment on the SEC’s announcement. The SEC statement says Altaba did not admit to or deny the findings.

In November 2017, a 22-year-old Canadian man named Karim Baratov pleaded guilty to one count of conspiracy to commit computer fraud and abuse and eight counts of aggravated identity theft. He will be sentenced this week. Earlier in 2017, the Justice Department also indicted two Russian spies and two cybercriminals for the breach.

The breach was separate from a 2013 hack that compromised every single Yahoo account — all 3 billion of them, including email, Tumblr, Yahoo Fantasy and Flickr. The number was more than three times the amountYahoo originally reported.

Related: Yahoo tops the list of largest ever data breaches

Other punishments for the 2014 breach could still be in the works from other agencies like the Federal Trade Commission. Shareholders have filed lawsuits against the company, including some class-action suits.

A 2016 SEC filing said the company was cooperating with US and foreign government agencies investigating the incident.

“Yahoo’s failure to have controls and procedures in place to assess its cyber-disclosure obligations ended up leaving its investors totally in the dark about a massive data breach,” said SEC San Francisco director Jina Choi in a statement. “Public companies should have controls and procedures in place to properly evaluate cyber incidents and disclose material information to investors.”



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.