14th Jun 2018 08:37
LONDON (Alliance News) - Dixons Carphone PLC could be facing a fine GBP400 million from the UK Information Commissioner's Office over its data breach, the Times reported Thursday.
The mobile phone and electrical goods retailer said on Wednesday that hackers had attempted to compromise 5.9 million bank cards and successfully stolen 1.2 million customer records.
Now the newspaper says the company could face as much as a GBP400 million fine from the ICO, which is considering whether or not the breach should be treated under the new EU general data protection regulation.
The new regulation carries fines of up to 4% of turnover, which the Times calculated to be GBP400 million. Under the "previous regime", Dixons Carphone would pay only a GBP500,000 maximum.
https://www.thetimes.co.uk/edition/news/hacked-retailer-dixons-carphone-could-face-400m-fine-wsllb2gs8
Dixons Carphone reported GBP10.59 billion in revenue in its financial year to April 2017. To put it in perspective, a GBP400 million fine would be more the retailer's entire pretax profit that year of GBP386.0 million.
Shares in Dixons Carphone were down 0.2% at 191.90 pence on Thursday morning.
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