Category Archives: SEC

Second former Equifax staffer charged with insider trading

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In another entry for the ‘what were they thinking’ file, a second former Equifax executive has been charged with insider trading in advance of the company’s massive data breach announcement last September. Continue reading Second former Equifax staffer charged with insider trading→

Former Equifax employee charged with insider trading over 2017 data breach

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The Securities and Exchange Commission accused a former Equifax employee of trading on confidential information in advance of the public announcement of the company’s 2017 data breach that impacted 148 million people. Equifax software engineering manager Sudhakar Reddy Bonthu is charged with taking and trading on the confidential information he received when he created a website for consumers impacted by the breach. Prosecutors say that Bonthu earned over $75,000 on his trading, a 3,500 percent return on his investment after Equifax’s stock fell 14 percent. He was fired in March after refusing to cooperate with an internal Equifax investigation. “As we allege, Bonthu, who was entrusted with confidential information by his employer, misused that information to conclude that his company had suffered a massive data breach and then sought to illegally profit,” said Richard R. Best, Director of the SEC’s Atlanta Regional Office.  “Corporate insiders simply cannot abuse their access to sensitive information […]

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FDA, Microsoft, & Android – Application Security Weekly #14

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In the news, SEC fines Yahoo $35 million for not reporting cyber breach, hackers found using a new code injection technique to evade detection, Microsoft dismantles it’s Windows Development Group, & more on this episode of Application Securi… Continue reading FDA, Microsoft, & Android – Application Security Weekly #14→

Yahoo gets $35 million slap on wrist for failing to disclose colossal 2014 data breach

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In an ongoing investigation by the Securities and Exchange Commission, Yahoo (now Altaba) has been fined $35 million for failing to report a known data breach in two straight years of SEC filings. Publicly traded companies in the United States are requ… Continue reading Yahoo gets $35 million slap on wrist for failing to disclose colossal 2014 data breach→

SEC fines Yahoo remnant Altaba $35 million for failing to disclose breach

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Altaba, the company formerly known as Yahoo, agreed to pay the Securities and Exchange Commission a $35 million fine for failing to disclose to investors a massive data breach for two years, the regulator announced Tuesday. Altaba agreed to pay the fine without admitting nor denying any wrongdoing. According to the SEC, Yahoo learned of an intrusion by Russian hackers in 2016 just days after it occurred. The incident resulted in the theft of sensitive information and credentials of 500 million users. And while news of the breach circulated within the company, Yahoo didn’t properly investigate the breach or consider whether to inform its investors, the SEC said. News of the incident only became public when Yahoo was in the midst of being acquired by Verizon. “Yahoo’s failure to have controls and procedures in place to assess its cyber-disclosure obligations ended up leaving its investors totally in the dark about a massive data breach,” said […]

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