Cost of cyberattacks reach $350 million

Yahoo’s breaches continue to be big news long after their discovery. And they could turn out have huge financial implications. 

Part of the reason these breaches came to light years after they occurred was that Verizon was looking to purchase Yahoo. In doing its due diligence on the acquisition, it turns out that at least two giant breaches had occurred putting as many as a billion Yahoo accounts at risk.

Now Verizon is cutting its offer price for the company by $350 million. This isn’t great news, but the sale itself appeared to be in jeopardy for a while following the revelations of the attacks. So they’ll likely take what they can get.

Keeping it quiet won’t work

If you think hiding evidence of an attack will make your problems go away, think again.

These breaches were likely discovered well before the sale process was started. And failing to take action at that time may have wound up being more costly than waiting.

Make sure your people know that keeping a breach on the down low isn’t the best strategy. It’s better to immediately figure out what went wrong and take the appropriate steps to fix it than counting on no one noticing until the whole thing blows over.