News broke yesterday that hackers stole the personal data of 57 million customers and drivers from Uber Technologies, Inc. Worst part about it was the fact that the company covered this up for more than a year.  Now, according to a report in Bloomberg, Uber paid $100,000 to hackers to keep the breach under wraps.

Why this matters: The attack affected 50 million users worldwide and 7 million drivers. Data compromised included names, email addresses, phone numbers and driver’s license numbers. No Social Security numbers, credit card information, trip location details or other data were taken, Uber said.

Hackers have managed to successfully penetrate numerous companies in recent years including notable companies such has Yahoo, Target Corp, Anthem Inc. and most recently Equifax Inc.

Uber’s position: “None of this should have happened, and I will not make excuses for it. We are changing the way we do business.” -Dara Khosrowshahi, who took over as chief executive officer in September.

“At the time of the incident, we took immediate steps to secure the data and shut down further unauthorized access by the individuals,” Khosrowshahi said. “We also implemented security measures to restrict access to and strengthen controls on our cloud-based storage accounts.”