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ARTICLE · 15 MARCH 2017

Security Breaches Costly And Inevitable?

Fisher Phillips LLP
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Yahoo recent announcement that CEO Marissa Mayer would forego a 2017 stock award (after giving up a 2016 cash bonus) following security breaches in 2014, 2015 and 2016 underscores the importance...

United StatesEmployment and HR
Danielle Urban
Danielle Urban
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Yahoo recent announcement that CEO Marissa Mayer would forego a 2017 stock award (after giving up a 2016 cash bonus) following security breaches in 2014, 2015 and 2016 underscores the importance of having a security team in place to prevent or at least mitigate, security breaches.  The Yahoo Board found that the company's response to the initial security breach should have been more vigorous.  In addition to the penalty paid by Ms. Mayer, Yahoo allegedly suffered a $350 million discount on its sales price because of the breach, and its head of legal lost his job for the legal team's alleged failure to fully investigate the 2014 breach.  These costs don't include the costs to defend numerous legal actions alleging that Yahoo did not do enough to understand or investigate the earlier breaches and therefore take action to prevent future such actions. 

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