The US financial watchdog SEC imposed one fine on Yahoo! $35 million for failing to report one of the world's largest security breaches.
Yahoo! allegedly knew that its entire user database (billion) had been tappedmillions usernames, email addresses post officey, phone numbers, dates of birth, passwords and security questions, by Russian hackers in December 2014.
Security staff notified Yahoo! (the administration and its legal department companys), who decided not to mention 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 reported that: “The failure of Yahoo! to audit procedures to assess cyber disclosure obligations ended up leaving its investors completely in the dark A public company should have controland procedures, to properly assess 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;