British Airways owner IAG is facing a record $230 million fine over data theft. Read more:
LONDON - British Airways-owner IAG is facing a record $230 million fine for the theft of data from 500,000 customers from its website last year under tough new data-protection rules policed by the UK’s Information Commissioner’s Office .
BA indicated that it planned to appeal against the fine, the product of European data protection rules, called GDPR, that came into force in 2018. They allow regulators to fine companies up to 4% of their global turnover for data-protection failures. BA’s chairman and chief executive Alex Cruz said he was “surprised and disappointed” by the proposed penalty.“We have found no evidence of fraud/fraudulent activity on accounts linked to the theft.”
“We intend to take all appropriate steps to defend the airline’s position vigorously, including making any necessary appeals,” he said.Analyst Gerald Khoo at broker Liberum said the proposed fine equated to about 9 pence per IAG share.“While IAG has more than adequate liquidity to cover the fine , the penalty is still substantial,” he said.
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