Originally seen on Forbes on Feb 11th, 2020 by Kate O’Flaherty
The Yahoo breach is known as one of the worst of all time, partly because of its size. When the firm was hacked twice in 2016, all of Yahoo’s 3 billion users were affected. Worse still, hackers had stolen highly sensitive information including names, security questions and answers, and passwords.
It’s only fair, then, that those impacted are given compensation of some kind. Last year, Yahoo said it would pay up to $25,000 to each person affected by the breach, with $100 or free credit monitoring available to most users. It is part of a $117.5 million breach settlement for 194 million people.
The higher $25,000 is available if you can prove the financial damage you suffered due to the Yahoo hack. You are eligible for the $100 payout if you can prove you already have credit monitoring in place.
Last week, you might have received an email telling you more about the Yahoo payout. The deadline of July 20 this year is getting closer, so what better time to apply for your compensation? Here’s what you need to do.
How to apply for a Yahoo breach compensation payout
If you are based in the U.S. and had a Yahoo account between January 1 2012 and December 31 2016, you are eligible to make a claim. The first thing you need to do is visit Yahoo’s settlement website, where you can see whether you qualify for credit monitoring or the $100 cash payout. The cash payout might even go higher–if too few people apply in time, the money could go up to a more enticing $358.80 per claim.
However, you do need to prove that you have credit monitoring in place in order to qualify for the cash.
You also might be eligible for a payout of up to $25,000 in out of pocket losses. According to the Yahoo settlement website, this includes “lost time, that you believe you suffered or are suffering because of the data breaches.”
The settlement site explains that you can receive payment for up to fifteen hours of time at an hourly rate of $25.00 per hour or unpaid time off work at your actual hourly rate, whichever is greater. If your lost time is not documented, you can receive payment for up to five hours at that same rate, the site says.
Once you have worked out whether you are eligible, and how much you can apply for, you can file your claim via a form on the Yahoo settlement website. You will need to supply all the relevant documents.
Breach settlement payouts increase
The Yahoo and Equifax breaches are considered among the worst hacks of all time, and both firms have been the subject of class action lawsuits resulting in payouts. The initial Equifax claim deadline, which saw breach victims apply for up to $20,000, has just passed.
There is no doubt that companies such as these needed to take better care of customers’ data, and paying some kind of compensation is quite frankly, the least they can do.