Sony has abandoned its appeal of the fine assessed by the UK's Information Commissioner's Office for negligence in the infamous 2011 breach of users' information that brought down all of PlayStation Network for more than a month.
In January, the ICO assessed Sony a £250,000 penalty, which is something more than $416,700 in the Australia. In either case, I'm sure Sony has that under its couch cushions and then some.
In a statement to CVG, Sony said it was abandoning its appeal not as an admission of guilt, but because to continue the dispute meant it would have to disclose sensitive data. "After careful consideration we are withdrawing our appeal," a Sony representative told CVG. "This decision reflects our commitment to protect the confidentiality of our network security from disclosures in the course of the proceeding. We continue to disagree with the decision on the merits."