Cybercrime Breaches Cost Corporate Boards Big Time: Have You Done Your Due Diligence?
Back away from the snooze button. This is a $29 million wake-up call you can’t afford to miss. In January 2019, Yahoo’s board agreed to pay the enormous $29 million settlement to its shareholders as the result of cyberattacks that compromised three billion Yahoo user accounts. It was the first time shareholders had successfully held a company responsible for data breaches. And it is a loud warning to corporate boards that they must start paying attention to cyber risks. But are they? Considering that over 7.9 billion records were exposed as of September 2019 — up 112 percent from 2018 — it looks like they may have their fingers in their ears.