Yahoo to pay $50 million to victims of data breach
By MYBRANDBOOK
Yahoo has agreed to pay $50 million to victims of the security breach of 2013 and 2014 , the mega data breach case that has affected up to 200 million U.S consumers and three billion accounts worldwide.
In addition to this, the company will cover up to $35 million on lawyer fees related to the case and provide affected users in the U.S. with credit monitoring services for two years.
Verizon-owned subsidiary that’s the combined business of AOL and Yahoo.They has proposed to pay $50 million in compensation to an estimated 200 million users in the U.S. and Israel, according to a court filing.
This was the largest attack in 2013. Hackers were able to get the credentials of users encrypted password as well of the 3 billion users followed by 500 million credentials next year. This incident turns the users to find out the alternate options like gmail, outlook etc. This was the worst attack ever on any mail providers.
Small business can also claim back costs for losses that happened due to the hack including identity theft, delayed tax refunds and any other issues related to data loss at the hands of the breaches. Any individual who has paid for premium Yahoo email services can claim for a 25 percent refund.
Yahoo suffered huge damage when a security breach in 2013 affected 3 billion accounts and another breach in 2014, affected 500 million accounts. The parent company, Verizon, will pay half the settlement cost while Altaba, the remaining part of Yahoo will pay the other half.
Password-sharing has become so common that databases of login information are often used by hackers to test for email-and-password combinations on retailer websites like Walmart or Amazon. After this incidence took place Yahoo is notifying all the users affected and asking them to change their passwords.
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