The current Chief Executive Officer of Yahoo, Marissa Mayer has decided to dock her pay and she is also giving up the stock award of 2017 and 2016 bonus due to the data breach the internet giant suffered in 2014. This move would cause Marissa a slight loss of about $14 Million only.
Record was the one who reported the data breach for the first time. This breach had a plethora of information that was sensitive to about millions of customers.
To investigate the matter, an independent committee was setup. This committee said that Mayer didn’t mean to run Yahoo with such loose security and the report by the committee didn’t even conclude if there was a suppression of information.
Apparently, it is the job of the lawyers to keep data secure as the giant booted their head lawyer, Ron Bell after the committee’s report. According to the report, the legal team had enough information for conducting a formal inquiry, which could reveal more details of the breach in the year 2014 only, but they decided not to pursue it.
Even social media had baffled comments on this announcement most being anti-Mayer and pro-Bell. People, who had worked with Bell, also disliked this move by the giant.
VijayaGadde, Twitter’s Head of Legal Affairs said that he has little to no knowledge about Yahoo’s breach, but he knew that lawyers are very easily blamed for everything. Ron Bell was a hell of a lawyer, according to him. A former Yahoo executive, Scott Moore also came to the lawyer’s aid by saying that this move was ridiculous and Ron Bell was a great lawyer. He added that lawyers aren’t in charge of the security.
There was a lot of truth in these comments. Many close sources also commented on the situation by saying that Yahoo’s ways of handling things after the breach was revealed were not clear cut as compared to their filing determination today. During these two years, security executives kept leaving the company. These departures included Chief Information Security Officer Alex Stamos, who after a lot of clashes on security issues with the CEO, left the company to join Facebook.
The summary of the filing by the company is given here:
- This investigation revealed that the information security in-charges at the company had enough information about these incidents.
- The senior execs and legal staff also knew that an actor who was state sponsored had access to a lot of accounts by hacking into the tool for account management.
- Although, actions to remedy that were taken and all 26 years were notified and authorities were consulted as well.
After this filing, the acquisition of Yahoo would go smoothly after already seeing a $350 million discount due to this breach.