according to That would be $1.63 billion:Under GDPR, companies that don't do enough to safeguard their users' data risk a maximum fine of €20 million ($23 million), or 4% of a firm's global annual revenue for the prior year, whichever is higher. Facebook's maximum fine would be $1.63 billion using the larger calculation. The law also requires companies to notify regulators of breaches within 72 hours, under threat of a maximum fine of 2% of world-wide revenue. The European Commission also recently demanded Facebook better disclose to users "how their data is being used or face consumer-protection sanctions in several countries," the paper added. In the U.S., where no equivalent to the GDPR exists, the possibility of such a fine for this incident is more remote.
collected by :Roy Mark
Facebook Could Pay Over a Billion in Fines For 50-Million-User Data Breach
The massive data breach that Facebook announced Friday may end up being a costly one for the company. The company said that it had found a data breach Tuesday and had been investigating the hack since. But the hack might end up costing the company more than a billion dollars in fines, The Wall Street Journal reported. In this case, that means Facebook could be charged with a $1.63 billion fine, according to The Wall Street Journal. Under the new GDPR rules companies also have an obligation to notify a regulatory body when there's a data breach that user or customer information could have been compromised in.Facebook Data Breach: EU Regulators Could Levy $1.63 Billion Fine
as declared in European privacy regulators are considering imposing up to $1.63 billion in fines over Facebook's latest data breach, which exposed the data of at least 50 million user accounts, according to reporting by the Wall Street Journal on Sunday. According to the Journal, Facebook's lead European privacy regulator, Ireland's Data Protection Commission (DPC), wants more details from the social network about the data breach's scope, including information on EU users that were impacted. #dataprotection #GDPR #eudatap https://t.co/3oM3BSaSBS — Data Protection Commission Ireland (@DPCIreland) September 30, 2018According to Facebook, users' passwords were not revealed in the data breach, though impacted accounts did have to re-log into the social network on Friday. Here's how to tell if your account was impacted by Facebook's data breach, if you're unsure. This issue is unlikely to go away soon for Facebook, as Europe's General Data Protection Regulation is much more stringent than U.S. privacy requirements.collected by :Roy Mark
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