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

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.

formatting link

Reply to
Bill Horne
Loading thread data ...

Cabling-Design.com Forums website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.