Yahoo fined $50 million over largest data breach in the history

25 Oct 2018_Campuscad

yahoo

Yahoo has fined $50 million over data breach happened in 2013-14 and company has agreed to pay the same.

Yahoo agreed to provide the credit monitoring services for free up to 2 years to 200 million users from US and Israel whose email address and personal data was stolen in the breach.

The hackers were linked to the Russia by United States in investigation.

Company didn’t disclose the data breach until 2016 to its investors and later sold out to Verizon subsidiary Oath in 2017 for $4.8 billion.

Now the fine will be paid by Altaba (Formerly Yahoo inc.) and Verizon to security and Exchange commission (SEC) to settle the charges.

The cost includes identity theft, delayed tax refunds etc

According to the reports, Yahoo would be fined around $1 billion but the lawyers argued that, the many of the user information provided during the email setup were wrong.

The data stolen includes user email id, phone numbers, birth dates etc.

Yahoo who originally offered a directory of websites and worth of $100 billion during dotcom boom founded in 1994.

But later internet giant struggling to define itself as a media company or tech venture with number new acquisitions done under CEO Marissa Mayer like Tumbler to reach the younger audience, mobile apps etc failed to boost the revenue and profit.


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