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ARTICLE · 02 MAY 2018

SEC Targets Inadequate Cyberbreach Disclosure In Yahoo! Settlement

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On April 24, 2018, the Securities and Exchange Commission announced a settled enforcement proceeding against Altaba Inc. (formerly known as Yahoo! Inc.)

United StatesTechnology
Meredith Cross
Meredith Cross
Daniel F. Schubert
Daniel F. Schubert
Benjamin Powell
Benjamin Powell
Alexander H. Charap
Alexander H. Charap
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On April 24, 2018, the Securities and Exchange Commission announced a settled enforcement proceeding against Altaba Inc. (formerly known as Yahoo! Inc.) arising out of data breaches suffered by Yahoo in 2014, 2015 and 2016. This marks the first action that the Commission has brought based on a disclosure theory related to a cyber incident. The settlement was not unexpected. Yahoo's 2016 disclosure of the breaches was made several years after they occurred, and given the Commission's express focus on cybersecurity—as evidenced by the formation of its new Cyber Unit—both the securities and cyber bars were anticipating some type of resolution. This expectation was reinforced in 2016, when Yahoo itself publicly concluded that it had not sufficiently inquired into and pursued information about the underlying breaches at the time.

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