From: Lawfare
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Recent Actions Imposing Liability on Victims
Since the creation of the Cyber Unit, the SEC has brought two enforcement actions against victims of breaches. The agency also recently issued a substantial report suggesting future enforcement against victims of breaches that are not in compliance with certain safeguards.
In April 2018, the SEC announced its first-ever enforcement against a company for a failing to disclose a breach. In 2014, Russian hackers stole the personal information for more than 500 million accounts from the company formerly known as Yahoo. But Yahoo did not disclose the breach until two years later, when it was in the process of closing the sale of its operating business to Verizon. Meanwhile, Yahoo made no mention of the breach in its SEC filings. The commission found that Yahoo’s statements violated both statutes and regulations requiring the accurate disclosure of “material” information. Yahoo ultimately agreed to a $35 million fine.
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