The US Financial Observatory SEC imposed a fine on Yahoo! costing 35 million dollars, because he did not report to anyone one of the biggest security breaches in the world.
Yahoo! reportedly aware that the entire database of its users (billions of usernames, email addresses, phone numbers, birthdays, passwords, and security questions) was hijacked by Russian hackers in December of 2014.
Security staff advised Yahoo! (the administration and the legal department of the company), who decided not to report it to anyone.
Two years later, when Verizon announced it wanted to buy Yahoo !, the company revealed the massive violation.
“Yaho! failed to properly investigate the circumstances of the breach and to adequately examine whether the breach should have been disclosed to its investors, ”said Steven Peikin, director of the authorities investigating the case, on Tuesday.
The SEC, through Jina Choi, also said: “The failure of Yaho! scrutinizing procedures to evaluate cybersecurity obligations has ended up leaving its investors completely in the dark A public company should have controls and procedures in place to properly evaluate cyber incidents and disclose them to its investors in a timely manner. ”
The SEC also found that Yahoo! did not share all the information about the violation with its auditors or external lawyers.
Yahoo! neither admitted nor denied anything during the investigation by the SEC
And something important:
Earlier this month, Yahoo! has renewed the Mail service. Is anybody interested;