September, 24, 2018:

The Yahoo Breach Case is still a fresh memory. It was simply historical and created mass hysteria at the time.

In late 2017, the Company ultimately confirmed an alleged state-sponsored attack. All user accounts had been breached – that is 3 billion users. If you can’t really put your finger on what that number means, 3 billion was the world population in 1959.

Later on, Yahoo came out in the media to disclose it had suffered three massive data breaches, which raised serious questions on the company’s cyber security strategy, network security and business ethics.

When it finally made clear that its entire user base had been compromised, a number of class action lawsuits were initiated as a consequence, as well as an investigation by the US Securities and Exchange Commission.

The Yahoo Data Breach Lawsuits have been settled for $47 million in litigation, according to a letter to shareholders signed by Altaba CEO Thomas J. McInerney.

Altaba is the investment company that emerged after Yahoo’s internet business was bought by Verizon.

The letter read:

“We are also pleased to announce today that we have reached an agreement in principle (subject to court approval) to settle the consumer class action litigation related to the Yahoo data breach,”

“We have also received final court approval of the securities class action settlement, and we have negotiated an agreement to settle the shareholder derivative litigation (subject to court appro val). We estimate that the Company will incur an incremental net $47 million in litigation settlement expenses to resolve all three cases. Together, these developments mark a significant milestone in cleaning up our contingent liabilities related to the Yahoo data breach.”

Source: Security Boulevard

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