Doha Declaration

Education for Justice

Yahoo’s $35M SEC Settlement: Takeaways from the First Enforcement Action for Failure to Disclose a Data Breach

Full title in original language:

Yahoo’s $35M SEC Settlement: Takeaways from the First Enforcement Action for Failure to Disclose a Data Breach

Education level:

University

University (18+ years)

Topic / subtopic:

Cybercrime

Privacy & personal data

Target audience:

Students, Teachers / Lecturers

Type of resource:

Publication / Article

Languages:

English

Region of relevance:

Global

Access:

open access

Individual authors:

Michael S. Dicke, Alexis I. Caloza

Publication year:

2018

Published by:

Fenwick and West LLP

Copyright holder:

Contact name and address:

Fenwick and West LLP

Contact website:

https://www.fenwick.com/Pages/about-us.aspx

Key themes:

Links:

Publication

Short description:

The U.S. Securities and Exchange Commission announced on April 24, 2018, that Yahoo! — now known as Altaba — agreed to pay a $35 million penalty to settle claims that the company failed to timely disclose a 2014 data breach that compromised hundreds of millions of user accounts. The settlement marks the first time that the SEC has brought an enforcement action alleging that a company’s failure to disclose a breach violated the federal securities laws. The Yahoo action follows on the heels of the SEC’s February 2018 interpretative guidance on public company cybersecurity disclosures, discussed in a previous Fenwick alert, which was widely seen as a further signal that the SEC would be more closely scrutinizing public company responses to cybersecurity incidents.

Short description:

The U.S. Securities and Exchange Commission announced on April 24, 2018, that Yahoo! — now known as Altaba — agreed to pay a $35 million penalty to settle claims that the company failed to timely disclose a 2014 data breach that compromised hundreds of millions of user accounts. The settlement marks the first time that the SEC has brought an enforcement action alleging that a company’s failure to disclose a breach violated the federal securities laws. The Yahoo action follows on the heels of the SEC’s February 2018 interpretative guidance on public company cybersecurity disclosures, discussed in a previous Fenwick alert, which was widely seen as a further signal that the SEC would be more closely scrutinizing public company responses to cybersecurity incidents.

Doha Declaration

Education for Justice

Supported by the State of Qatar

60 years Crime Congress