The Securities and Exchange Commission announced Tuesday that Altaba—the entity formerly known as Yahoo—has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the largest data breaches in history, in which hackers stole personal data relating to at least 500 million user accounts.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...