Facebook May Face $1.63 Billion EU Fine for Breach

Megalith

Megalith

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Assuming regulators can prove the company violated Europe’s new General Data Protection Regulation privacy law, Facebook is expected to lose $1.63B over this week’s data breach incident, in which tokens could be stolen and used to access not only Facebook accounts, but any other account tied to its log-in process (e.g., Instagram). “The main question regulators will face is whether Facebook invested enough in security to avert a breach.”

It marks one of the first major tests of how regulators will apply the breach-notification and data-security provisions of the new European law, dubbed the General Data Protection Regulation, that went into effect earlier this year. It might also be a sign that the law's threat of massive fines are already changing how firms handle big breaches -- forcing them to disclose them faster and more publicly than before.
 
Madoc said:
A Leftist company is getting its cash drained by Leftest European governments. There's a certain amount of ironic justice in that.
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Does everyone have to relate this to politics
Keep that shit in the soapbox

I think this is good, even though gdpr is a pain, is good from a user data perspective.

Any company that gets customer data breached deservesa huge kick in the ass
 
bugleyman said:
Your political views have nothing to do with this story. But thanks for sharing.
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You're so off base on this statement, in my opinion. A political organization, known as the EU, enacted a new law discussed in the article and the article pertains to how much Facebook might be fined. How are politics not relevant to this article? One could even bring in the fact that the EU is desperate for cash and with Britain leaving who was one of the largest contributors, they may be even more desperate. This cash might help them go a little longer and allow them to bailout more countries like Greece that, may or may not be, under-performing at this time. So the likelihood, they'll try to fine Facebook is huge. Technically, what he said is true too though. EU is left leaning. Facebook is very left leaning. So a left company will be fined by a left government in an attempt to cash-grab to pay for leftist ideals and keep them floating a little longer. You might not like what he said or dislike the notion; so prove him wrong. Are you saying the EU or Facebook is right wing? or are you of the belief that the EU is so successful right now that they won't fine or ask for money?
 
WBurchnall said:
You're so off base on this statement, in my opinion. A political organization, known as the EU, enacted a new law discussed in the article and the article pertains to how much Facebook might be fined. How are politics not relevant to this article? One could even bring in the fact that the EU is desperate for cash and with Britain leaving who was one of the largest contributors, they may be even more desperate. This cash might help them go a little longer and allow them to bailout more countries like Greece that, may or may not be, under-performing at this time. So the likelihood, they'll try to fine Facebook is huge. Technically, what he said is true too though. EU is left leaning. Facebook is very left leaning. So a left company will be fined by a left government in an attempt to cash-grab to pay for leftist ideals and keep them floating a little longer. You might not like what he said or dislike the notion; so prove him wrong. Are you saying the EU or Facebook is right wing? or are you of the belief that the EU is so successful right now that they won't fine or ask for money?
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It's issue by issue whether they're left or right wing. On economic policy, they're patently neoliberal, propping up the central in favor of cheaper workers, deregulation, and offshoring jobs. Traditionally, those are RIGHT wing policies and the last things leftists want. Look to somebody like Jeremy Corbyn for what ACTUAL left policies look like. The EU is largely centrist-right economically. On social issues, they're much more left.
 
Vildayyan2003 said:
It won't matter how much they invested, the EU loves American corporate cash that they can just take at will.
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Even though you Americans don't want to hear this, but US is basically an European colony, like most of the world.
 
Vildayyan2003 said:
It won't matter how much they invested, the EU loves American corporate cash that they can just take at will.
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Yeah, everyone hates facebook, but it is even more trending to hate the eu now.
 
tetris42 said:
If only America punished American corporations for violating its laws as effectively as the EU. Meanwhile, Equifax is still in business.
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This.

Companies won't take data security seriously unless there are actual consequences for not doing so, especially for companies like Facebook which have no competitors to speak of and so you can't rely on market pressure. On that note, 1.63 billion means literally nothing to Facebook: https://ycharts.com/companies/FB/revenues.
 
AltTabbins said:
I love hearing about lawsuits like this. Where does that money go?
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Not a lawsuit, it's a fine, by the DPC if I remember right. As such, that fine is paid to the government, users or those impacted by the event will not get any of that money.
 
AltTabbins said:
I love hearing about lawsuits like this. Where does that money go?
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Most recently, the EU is learning that mass immigration of people who don't share your culture or language is ....let's just say...problematic...so a lot of the money might be spent on border guards to keep the next wave of migrants out. The EU recently pushed for moving the number of border guards from 1,600 up to 10,000 at a cost of $6 billion dollars in funding, equipment, infastructure and manpower. So a 1.63 billion dollar fine would pay just for a quarter.
 
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