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Another signature event breaks as Yahoo! discloses a data breach thought to be the largest in history. Unfortunately, this will have resulted from the usual weaknesses in basic security hygiene, a result of “check box” exercises, poor product purchases, and the main decision makers not fully caring or understanding. However, the notable difference is the changing mood around this breach. The media and industry are holding CEO Marissa Meyer to account, questioning why she’s still in charge, making this one personal. In business, when things are personal, people start to care.

Secondly this breach has happened at an interesting time, in the window between the announcement of the acquisition from Verizon and its consummation. This will be an acid test for valuing the impact of an incident like this at a time when risk experts, lawyers, accountants and M&A specialists are engaged and scrutinising every detail with their pencil sharpeners out.