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A settlement was recently reached over the 2013 Yahoo data hack incidents that saw billions of accounts compromised worldwide.
The holding company for what remains of Yahoo who took over the company’s liabilities has reached a settlement for a number of legal actions it had been facing in the wake of the cyber-attack.
The Yahoo data hack was one of the biggest ever recorded. It was arguably a real wakeup call about the importance of data security in a world that’s continually increasing the use of online technology.
The settlement that has been reached over the Yahoo data hack incidents is massive: $47m, or £36m in sterling. This amount is said to be a settlement of a number of litigations against Yahoo.
The company that owns what’s left of Yahoo is reportedly an investment company that took over their liabilities for the cyberattack. The settlement they’ve now reached is said to be another step toward closure of the mess that was left behind in the wake of the 2013 data breach.
A statement on the Yahoo data hack settlements from the CEO of Altaba (the company that’s the remains of Yahoo) said:
“These developments mark a significant milestone in cleaning up our contingent liabilities related to the Yahoo data breach.”
I’m sure many of us remember just how monumental the Yahoo data hack incident was. The attack led to the compromise of 3 billion accounts.
That reportedly equated to every single Yahoo account in existence.
Since then, we’ve seen breach after breach, and hack after hack. It’s not stopped, and its left millions of victims across the world whose personal and sensitive data has been compromised. Our firm alone has been contacted by thousands of people for help and our legal teams are involved in over 20 different group action data breaches.
That shows just how much damage these data breaches are causing.
The Yahoo data hack will no doubt go down in history as one of the worst. With GDPR in force and so many examples of breaches that have cost companies millions, we hope that there won’t be a repeat of an incident on such scale again.
Sadly, it’s more likely, there will be others in the future.
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