U.S. regulator fines Altaba $35M over 2014 Yahoo email hack [Business News Network (BNN) Energy & Resources (Canada)]
ALTABA INC (AABA)
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Source: Business News Network
U.S. regulator fines Altaba $35M over 2014 Yahoo email hack U.S. regulators fined Altaba Inc, the company formerly known as Yahoo! Inc, US$35 million on Tuesday to settle charges that kept its massive 2014 cyber security breach a secret from investors for more than two years. The Securities and Exchange Commission's case marks the first time it has gone after a company for failing to disclose a cyber security breach. Altaba agreed to settle without admitting or denying any wrongdoing. A company spokesman declined to comment. Yahoo's information security team learned just days after the December 2014 breach that Russian hackers had stolen the company's "crown jewels," including email addresses, encrypted passwords and security questions, the SEC said in a statement. Despite becoming aware of the breach and reporting it to Yahoo's senior management and legal department, the company failed to properly investigate and did not disclose it to the public until more than two years later, when
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