Verizon Yahoo Agree to Pay $50 Million for Data Breach [telecom]

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Sunnyvale, CA - The largest data breach in history is going to cost
Yahoo which is owned by Verizon through their Oath, Inc. subsidiary
$50 million and other related costs like credit monitoring protection.
In an agreement that must be approved by U.S. District Judge Lucy Koh
in San Jose, CA., Yahoo agreed yesterday to pay $50 million in
compensation to some 200 million Yahoo users located in the United
States and Israel.  The company reportedly will pay an additional $35
million in attorney fees, while providing two years of credit
monitoring for those affected by the security breach.  An unspecified
compensation package for small businesses and individuals for losses
caused by the hack is also in the mix. A hearing is scheduled for
November 29, 2018, in front of U.S. District Judge Lucy Koh.

Yahoo estimated about three billion accounts were breached in a series
of hacks dating back to 2013, but it was not revealed for three years
-- until Verizon moved to buy Yahoo's main business for $4.8 billion
in 2016.  Subsequently, Verizon was able to reduce the purchase price
by roughly $350 Million.

Bill Horne
(Remove QRM from my email address to write to me directly)

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