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This is the text from the Telegraph article I mentioned in my last post. Looks like the ambulance chasing firm might not be so keen now (assuming there even were in the first place)
"The Information Commissioner’s Office (ICO) has dropped an investigation into a hack affecting millions of EasyJet customers because its “limited resources” are better used elsewhere, it has said.
The 2020 attack, which saw nine million people’s details stolen by hackers, was so severe that EasyJet bosses called in GCHQ’s National Cyber Security Centre to help it deal with the fallout.
Data watchdog the ICO opened an immediate investigation into the hack, which saw people’s personal details, travel itineraries and in 2,200 cases, credit card numbers, stolen by as-yet unidentified digital criminals.
However, the ICO confirmed on Sunday that it has dropped the investigation and will be issuing no penalty to EasyJet.
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An ICO spokesman said the regulator’s responsibility for the entire UK economy meant it had to “make difficult choices about which issues we take forward”.
They said: “Having carefully considered this particular case, the Commissioner decided that pursuing enforcement action would not be the best use of our limited resources at this time.”
Greg Clark MP, chairman of Parliament’s Science, Innovation and Technology Committee, said he would be writing to the watchdog to demand an explanation.
He said: “Regulators have an increasingly important role in protecting privacy as AI introduces new threats to people’s data.
“My committee is concerned that if the Government is to rely on existing regulators like the ICO, they must have the right resources to carry out their work and command public confidence.”
An ICO investigation into a similar previous theft of people’s data from British Airways in 2018 resulted in a £20m fine.
Jon Baines, a senior data protection specialist with City law firm Mishcon de Reya, questioned how much the ICO’s abandoned investigation had cost and said the regulator appeared to be softening its approach.
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Mr Baines said: “The ICO seems to have lost its appetite for issuing fines in the last year or so.
“In many cases [fines] have been replaced by ‘reprimands’, which amount to little more than a slight rap on the knuckles, but here it sounds like there will be no findings made at all.”
An EasyJet spokesman said: We take the protection of our customers’ data very seriously and welcome the conclusion from the Information Commissioner’s Office that no action is being taken.”
Keller Postman, a law firm pursuing a claim against EasyJet over the 2020 data breach, did not respond to a request for comment."
Interesting article in the Telegraph, the ICO has dropped the investigation into the EasyJet hack due to lack of resources! This was a serious hack involving the details of 9 million peoples personal information. On balance far more numbers than the CPI incident. This sets a president for any outcome for the CPI case.
Well done on telling us your adding more! You must be about the only person who has any working cash left to invest! Well done on your foresight with your decision to invest at the bottom. Do you have a crystal ball, or are you about the only investor out there who can successfully read the market. Maybe you should write a column for private investors and how to play the markets!!
LoL - sorry I could'nt resist this, but you need to be making a profit first before you issue a profit warning! Seriously, I believe that any bad news is already out there and the trading update will confirm what CPI have already said in relation to the cyber incident and any write downs etc. I think the forecast will be in line with expectations, maybe a slightly improved picture. I just hope the CEO makes his presence felt positively from day one!
@GMAN12 - I completely agree, its 2024 where the light should actually start to shine. I personally don't see the impact of the cyber incident having too much of a negative from now on, the financial hit has been factored in and all the media noise has run its course. If the pension payment is reassessed in H2 it could actually be a positive! I say that with an extreme note of caution attached, but based on a recent experience with a similar situation with another company, the liability had considerably reduced. It si ultimately determined by the investment strategy, which believe it or not can still be a positive, despite bond values currently.
Like everyone else I hope the new CEO comes and spells out a strategic vision that is deliverable and he makes an impact that is positively measurable and received well quickly.
Ill informed comments regarding ambulance chasing second rate legal firms advertising on 'cheap' trash commercial radio stations - Ridiculous! Either you need to grow a pair or a pathetic attempt at de-ramping and scaremongering those poor lost souls susceptible to anything less than making empirical investing decisions.
Generally a mugs game to average down and the chance are you will be borrowing or using money that you cant afford to loose! Its essentially gambling, chasing a quick return in the hope you hit profit. Most people who do this don't take profits when they arise, as the self discipline is not there. Believe me I've come unstuck before with trying to second guess. Just sit tight and wait.
Apart from the fact that CPI are very successful at one thing - shooting themselves in the foot and being less than transparent with the 'whole picture', the market is in complete turmoil, which makes a stock like this even more susceptible to volatility. Extracting the evidence is not easy with how CPI are performing, but if you believe that the new CEO ignites a strategy and plan that will potentially move the company further towards profitability, that's a positive. PI's are generally very reactive and there are a lot of us who are sitting on huge paper losses at the moment.
The equation is simple if you believe and want and can stay on board for the ride - rewards will come, but only in the longer term. If you are convinced that this is a 'beyond hope' dog share then bail now and take your losses on the chin.
Nothing any of us write on this HYS board will affect the share price. So if you in sit back and wait till the next update, but remember the world has been going mad for the last 3+ years and there is little sign of anything to suggest its going to improve at the moment.
Agree with all the comments re price and growth, it will be the most important defining factor. One aspect of Capita's operations that is rarely discussed, which I believe has wider growth potential, are their presence and remit in India. Whilst it appears that a lot of the work undertaken there is service multi national clients, I'm uncertain as to the scope of the operations and whether there is a potential for substantive upside across government driven markets in India. Any views?
I can only agree re the current value and if you look at the contributing factors for the substantive drop it’s well over done. Whilst the H1 reporting was disappointing, when compared with the year end, the actuals were not in line with such a severe downturn in the share price. The hack was already factored in. What we do need to see is a period of delivery and consistency that demonstrates progress. This will not happen that quickly in my view.
JL is only doing what any CEO would do, who is in the fortunate position to retire - maxing out his pot'. The BoD are in the dock for not performance managing him effectively, and in particular the chair. Whilst it could be argued that his strategy has 'saved the company' there appears to be no plan for growth over and above competing for government contracts. Its all very well having two defined divisions and a streamlined operation, but there needs to be a realistic plan, with attainable objectives to drive the company forward and this, together with continued losses in H1 + reputational damage due to the hack are weighing heavily on the company. In in at an average of 37p currently and hold little hope of seeing breakeven within the next two years.
Emphasises my point! A statement that is ambiguous, it implies that either they don’t know why the share price has tanked or they do and are not at liberty to disclose (we’ll certainly not to the PI’s). The very small thing I keep coming back to is the fact that they have appointed a new CEO and one that has the credentials to make a fresh and positive impact. If the plan was to break the company up and or seek to be taken over I think it would have been a different type of appointment or JL would have seen it through. But what do I know,
Hopefully the CFO used his own cash to buy and didn’t resort to crowdfunding! More seriously it would be nice to see CPI actually start to give some honest and simple responses to questions and assume a straightforward approach to how it reports.
They are an easy target for the media who want to run a negative piece about the company. A history of smoke and mirrors at best and downright lies at worst. Set aside the crap communications around the data hack, the message re earnings and exceptions was very different at H1 from FY earlier in the year.