Tag: Damages

Yahoo agreed to pay US$ 85 million after data breaches in 2013 and 2014

24. October 2018

As part of a court settlement filed Monday, Yahoo agreed to pay $50 million in damages and to provide two-years of free credit monitoring for services to 200 million people.

Around 3 billion Yahoo accounts were hacked in 2013 and 2014 but the company, which is now owned by Verizon, did not disclose the breach until 2016. Affected are U.S. and Israel residents and small businesses with Yahoo accounts at any time from January 1, 2012 to December 31, 2016. Apart from usernames and email addresses, millions of birthdates and security questions and answers were stolen. Not among the stolen information were passwords, credit card numbers and bank account information.

According to the settlement, the fund will compensate accountholders who paid for email services, who had out-of-pocket losses or who already have credit monitoring services. A refund of $25 per hour will be made for the time spent handling issues caused by the breach. Those with documented losses can ask for up to 15 hours of lost time ($375) whereas those who cannot document losses can ask for up to 5 hours ($125).

A hearing to approve the preliminary settlement is scheduled for November 29.

Data breach: What are the costs?

15. September 2016

Although it is difficult to predict the exact costs of a data breach as it depend on the individual case, the new Ponemon-IBM study tries to examine the costs arising in such a case.

The results can be summed up so that

  • the average breach caused $4 million in damage or in other words
  • roughly $158 per lost record have to be paid.

Privacy Ref, Bob Siegel tried to analyze what a data breach would cost for individual organizations as a part of a project with St. Joseph’s University professor Ronald Klimberg. For this projects undergraduate data analytics students compete to create the best metric in order to predict the impact of a data breach on an organization.

Category: Data breach
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