A Yahoo data breach settlement will give victims $50 million total, with affected individuals eligible for $125 to $375, depending on documentation…
Yahoo will pay out $50 million, due to two data breaches that took place between 2013 and 2014. The first affected 3 billion accounts while the second impacted 500 million accounts. (In both cases, Yahoo did not disclose the breaches until 2016. Hacked information included encrypted passwords which were vulnerable to cracking.
Yahoo Data Breach Settlement gives $50 Million to Victims
The $50 million settlement will go to affected victims on an hourly basis. Account holders are eligible for $25 for every hour spent dealing with the breach. For those with documentation of such, they might receive as much as $375. Meanwhile, those without documentation will top out at $125.
Additionally, account holders who paid for premium email may also file a claim for a 25 percent refund. Moreover, Yahoo must pay for at least two years of credit monitoring for about 200 million users who had personal information stolen.
Yahoo revealed the two data breaches in 2016, three years after the first compromise. The disclosure came after the company negotiated a deal for $.83 billion to sell its digital properties to Verizon. (That amount was later lowered to $350 due to the loss of reputation as a result of the data breach.)
As part of the settlement, Verizon will pay half the settlement, while the other half Altaba, Inc, will pay. (Altaba has already paid the Security and Exchange Commission a $35 million fine for its delay in disclosing the breaches to investors.)