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3/3/2017
09:27 AM
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Yahoo CEO Punished for Data Breaches

Marissa Mayer will be denied her annual bonus of around $2 million and also forgoes annual stock award worth millions.

Yahoo CEO Marissa Mayer will pay a penalty for the two breaches the company suffered in 2013 and 2014 by being denied her annual bonus of around $2 million and forgoing her annual stock award worth millions of dollars, Fox News reports. Yahoo’s general counsel Ronald Bell too was punished, having to resign without getting his severance pay.

An internal investigation into the breaches has held the executives responsible for failing to conduct a deep probe into the security lapses once revealed, alleging the executives “failed to act sufficiently.” The report also called out the legal department for failing to act immediately, which caused the breaches to not be “properly investigated and analyzed at the time.”

The data breaches, reported by Yahoo in 2016, compromised over 1 billion user accounts and cost the company $350 million after Verizon reduced its takeover deal price. Over 40 lawsuits have been filed against the company and the SEC and FTC are investigating the incidents.

In her defense, Mayer says she tried to set things right as soon as she learnt about the breaches.

Full story on Fox News.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio
 

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followersinsta
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followersinsta,
User Rank: Apprentice
3/3/2017 | 6:17:52 PM
followers
With the amount of data that is affected in a breach, this penalty is very resonable
RyanSepe
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RyanSepe,
User Rank: Ninja
3/3/2017 | 2:51:54 PM
Breaches Affect Acquisitions
This is a perfect example of how breaches and security related events can affect acquisitions. This is where the practice of using market data to justify the potential direct cost of these events can be useful and in the long run save the company money.
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