Balance sheet
You win some, you lose some.
Ireland's data privacy agency today said it fined Meta €265 million ($275 million) for failing to protect users' data after millions of Facebook users' phone numbers and other private info was given away online for free. The country's Data Protection Commission (DPC) also ordered the social media giant to implement a "range …
As it’s GDPR … feels like the ruling just covers the EU which including the UK at the time would have been around the 533m. However that would assume everyone has an account, which self-evidently they don’t… thought over FB, WA, Insta with triplication … I can about see it.
And still nowhere near enough of a fine.
The fines need to be crippling and unequivocal. No wriggling and doing deals.
Then add in people, particularly executives being made responsible and suffering penalties would start to focus minds. At the moment the worst case is someone get's a reduced bonus.
"When [are] fines are going to be fines and not simply a cost of doing business?"
When politicians and senior civil servants no longer expect lucrative positions in commercial companies after their careers 'serving' the public.
Who was it that hired that 'nice' Nick Clegg, former leader of the Lib Dems and deputy PM of the UK?
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And that spread over the literal years this took to move through the courts.
Yeah, that has just fixed everything wrong with Facebook/Insta/Meta in one fell swoop. I'm sure Zuckerburg woke up in a cold sweat, shaking like a leaf.
Maybe what should happen is that the GDPR 4% of turnover rule should be more widely applied so that eg if you lost against a big business the max it could cost you would be 4% of your turnover, on the other hand when you win it's 4% of their turnover that they get fines. That would level things up nicely.
The real problem with GDPR fines is that even if the DPC tried to fine them 4% of turnover they would appeal, and they have far more resources than the DPC does, so it would never get paid - thus the fines tend to be chump change to the criminal company, but the DPC can say they got something. (Look at the UK vs British Airways eventual settlement as an example)
These things make me smile. I have a FB account. If my account had been part of that data leak, all anyone would get was my name. DoB, email, phone, in fact ALL data fields required are filled with dummy data. Anyone who knows me doesn't need FB to make contact with me (although it is simple). Likewise, or ALL of my FB Friends I hold a contact method (not on/within FB). If FB vanished off the face of the earth overnight, my interaction with friends would go on. The criminals end up with just a name...
Basically, folks - why bother populating accounts with real data?
Just the cost of doing business for these companies. This fine will just be to keep the EU happy which is why it's so low.
After all, this is the same country that repeatedly went to court to avoid collecting 13 billion in tax from Apple.