financetom
Technology
financetom
/
Technology
/
T-Mobile fined $60 million over data breach, notching top CFIUS penalty
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
T-Mobile fined $60 million over data breach, notching top CFIUS penalty
Aug 14, 2024 1:58 PM

WASHINGTON (Reuters) -A powerful U.S. committee that scrutinizes foreign investment for national security risks fined T-Mobile $60 million, its largest penalty ever, for failing to prevent and report breaches of sensitive data, senior U.S. officials said on Wednesday.

The penalty imposed by the Committee on Foreign Investment in the U.S. (CFIUS) is tied to violations of a mitigation agreement that German-owned T-Mobile inked with the panel as part of its $23 billion acquisition of U.S.-based Sprint Corp in 2020.

T-Mobile did not immediately respond to a request for comment.

"The $60 million penalty announcement highlights the committee's commitment to ramping up CFIUS enforcement by holding companies accountable when they fail to comply with their obligations," one of the officials said, adding that transparency around enforcement actions incentivizes other companies to comply with their obligations.

The size of the fine, and CFIUS's unprecedented decision to make it public, show the committee is serious about taking a more muscular approach to enforcement as it seeks to deter future violations.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
600 Activision QA Workers Vote To Form Largest US Video Game Worker Union Yet
600 Activision QA Workers Vote To Form Largest US Video Game Worker Union Yet
Mar 11, 2024
Around 600 quality assurance (QA) workers employed by Activision under Microsoft Corp. ( MSFT ) have successfully formed a union named Activision Quality Assurance United (AQAU) with the support of the Communications Workers of America (CWA). This marks the first unionization effort within Activision since its acquisition by Microsoft ( MSFT ) and stands as the largest video game worker...
The Latest Analyst Ratings For SAP
The Latest Analyst Ratings For SAP
Mar 11, 2024
Across the recent three months, 5 analysts have shared their insights on SAP , expressing a variety of opinions spanning from bullish to bearish. Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 1 2 0...
Unpacking the Latest Options Trading Trends in AT&T
Unpacking the Latest Options Trading Trends in AT&T
Mar 11, 2024
Whales with a lot of money to spend have taken a noticeably bearish stance on AT&T ( T ). Looking at options history for AT&T ( T ) we detected 9 trades. If we consider the specifics of each trade, it is accurate to state that 11% of the investors opened trades with bullish expectations and 88% with bearish. From...
Oracle misses quarterly revenue estimates
Oracle misses quarterly revenue estimates
Mar 11, 2024
March 11 (Reuters) - Oracle missed third-quarter revenue estimates on Monday, as an uncertain economic outlook and strong competition in the cloud-computing industry weighed on demand for its services. The company posted revenue of $13.28 billion for the three months ended February 29, compared with analysts' average estimate of $13.30 billion, according to LSEG data. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved