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)
British Airways slapped with UK data watchdog’s biggest-ever fine
https://arab.news/cftzz
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
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
