Sony Fined In UK For PlayStation Network Hack 86
Sockatume writes "The UK's information protection authority, the ICO, has fined Sony for failing to adequately secure the information of PlayStation Network users. The investigation was triggered by a 2011 security breach, during which personally identifying information (including password hashes) was recovered from a Sony database where it had been stored without encryption. In the ICO's view Sony's security measures were inadequate, and the attack could have been prevented. The £250,000 (ca. $400,000) fine, the largest the ICO has ever imposed, is equivalent to a few pennies per affected user. Sony disagrees with the ICO's decision and intends to appeal."
$400k? That's it? (Score:5, Interesting)
I'm so sure that will get them to shape up right away...
Maybe it's time to start enforcing corporate fines as a percentage of current market cap, payable by newly issued stock to the regulatory agencies. That would deflate the value of the existing stock, getting the shareholders to whip the company into line (hopefully). Also, too many repeat offenses would give the regulators increasing control over the company itself. After 5-10 years, allow the company to buy the stock back.