Antivirus software provider Avast slumps for third day despite pledge to close department at centre of data privacy scandal
Avast’s shares slumped for a third day after it said it will close the division at the centre of a data privacy scandal.
The antivirus software provider allegedly collected sensitive data on what its users did online and passed it on to a subsidiary called Jumpshot, which then sold it on to firms such as Intel and Tripadvisor.
An investigation by technology publications PC Mag and Motherboard claimed some of the data could identify users and that customers were not always aware this data was being passed on.
Antivirus software provider Avast allegedly collected data on what its users did online and passed it on to a subsidiary, which then sold it on to firms such as Intel and Tripadvisor
Yesterday Avast said it would shut down Jumpshot and immediately stop any further customer data being shared between the two.
Avast’s stock fell by 13.3 per cent, or 60.4p, to 395p last night.
This means around £1.5billion has been wiped off the company’s value this week, with shares losing more than a quarter of their worth.
The company said it did not believe it had breached any privacy regulations but was closing Jumpshot down to eliminate any ‘perceived conflict of interest’ with being a business focused on computer security.