SEC Targets Inadequate Cyberbreach Disclosure in Settlement with Yahoo!

SEC Targets Inadequate Cyberbreach Disclosure in Settlement with Yahoo!

Blog Focus on Accounting, Audit Committees and the Law

On April 24, 2018, the Securities and Exchange Commission announced the settlement of its first enforcement proceeding that was brought under a disclosure theory related to a cyber incident. The enforcement proceeding was against Altaba Inc. (formerly d/b/a Yahoo! Inc.) and arose out of Yahoo!’s highly publicized data breaches. See our recent Client Alert for a discussion of the Yahoo! settlement and related insights into the Commission’s views regarding an issuer’s responsibility after suffering a cyber incident.