UniCredit SpA (UCG) has been fined EUR 2.8 million by Italy’s data protection authority in relation with a data breach case in 2018.
The cyber attack on the mobile banking platform led to the illicit acquisition of names, tax codes and other identification codes for nearly 778,000 clients and former clients.
“Banks must take all necessary technical and organisational and security measures to prevent their customers’ data from being unlawfully stolen,” the regulatory authority said in a statement, cited by Reuters.
In response, the Italian financial group said it would appeal the decision to court, while noting no bank data had been compromised.
Stock Performance
The shares of UniCredit SpA (UCG) were last losing 1.99% (EUR 0.625) to trade at EUR 30.745 in Milan on Friday.
The shares have pulled back from a recent high of EUR 31.680, or their highest level since August 2015.
The financial group’s total market cap now stands at EUR 51.551 billion.
The shares of UniCredit SpA (UCG) have risen 25.16% so far this year, following another 85.09% gain in 2023.
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