The US Securities and the Exchange Commision announced that Yahoo was ready to pay the fine to settle the charges which misled investors by not telling them the detailed incident of the hack until September 2016. The SEC is not mad because of Yahoo having a poor security practice or not informing users about the hack, but mainly are angry just because the investors were not told about it, as data breaches can have legal implications.
After this incident, the SEC had released guidance to companies on what has to be disclosed about data breaches which could avoid similar issues in the future. This hack was said to be done by Russian Agents who the US Department is attempting to prosecute. The obtained data found was including email addresses, encrypted passwords, and security questions.
Later Yahoo had revealed the data breach after an agreement to be purchased by Verizon in July 2016, though Verizon has still not purchased all of Yahoo. The same time the company was renamed from yahoo to Altaba. Altaba is basically a holding company that manages Yahoo’s valuable investment. Last September a judge went to give the go-ahead to lawsuits released to that.
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