British Airways slapped with UK data watchdog’s biggest-ever fine

British Airways slapped with UK data watchdog’s biggest-ever fine
BA was fined for failing to protect personal and financial details of more than 400,000 of its customers. (File/AFP)
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Updated 16 October 2020

British Airways slapped with UK data watchdog’s biggest-ever fine

British Airways slapped with UK data watchdog’s biggest-ever fine
  • BA fined $25.85 million for failing to protect personal and financial details of more than 400,000 customers
  • The ICO said its investigators found BA should have identified weaknesses in its security and resolved them

BENGALURU: Britain’s data protection watchdog said on Friday it has fined IAG’s British Airways 20 million pounds ($25.85 million) — its biggest such penalty to date — for failing to protect personal and financial details of more than 400,000 of its customers.
“Their failure to act was unacceptable and affected hundreds of thousands of people, which may have caused some anxiety and distress as a result,” the Information Commissioner’s Office (ICO) said of a cyberattack the airline suffered in 2018.
IAG shares slid to session lows following the announcement. By 0917 GMT, they were 3% lower at 93.2 pence.
The regulator said it considered representations from BA and the economic impact of the coronavirus crisis on their business before setting a final penalty, which was considerably less than the 183.4 million pounds proposed last year.
The ICO said its investigators found BA should have identified weaknesses in its security and resolved them with measures available at the time, which would have prevented the cyberattack.
British Airways did not immediately respond to a Reuters request for comment.
($1 = 0.7736 pounds)


Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth is also illegal. (File/Shutterstock)
Updated 04 December 2020

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Arabia’s Public Prosecution affirmed that it is prohibited by law to intentionally take any action that creates a false or misleading impression about the capital market, prices, or value of any security or to induce third parties to buy, sell, or subscribe to this security.

It stated in a tweet that this is one of the serious crimes that require arrest, according to the Public Prosecutor's decision No. (1) dated 1/1/1442.

The following actions are considered fraudulent:

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth.

Performing a series of transactions on a specific security to influence on a particular stock.

Conducting a series of trades on a specific security, such as buying and/or selling a security, with the aim of price stabilization.

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