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I can see this going badly. I understand they probably have altruistic motives but I can see some website owner claiming their vulnerable site was 'safe' through obscurity but was attacked due to this public shaming. Should be interesting.

Can anyone correct me/inform us as to whether the site owner will have a leg to stand on in court?

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Most laws and regulations require a site to provide "reasonable" and "adequate" protection. While those are loaded legal terms it is generally interpreted in such a way that a site should be proactive enough to be updated against known and patched vulnerabilities. It looks like TIM is reporting on those -- I didn't see any zero-day stuff -- so, to answer your question, I think TIM has a very defensible position if faced with a suit.

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