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It seems highly likely there will be some form of Facebook GDPR fine coming at some time. The recent data breaches cannot go unpunished.
As data breaches and our rights to privacy continue to grow in importance, people want to know how GDPR will be there to protect us. With the massive Facebook data breach that took place in September fresh in our minds, people want to know what kind of Facebook GDPR fine may be issued.
Facebook could find themselves as the marker in Europe for how far the new GDPR will go. Although it isn’t the first company to have been at the centre of a data breach since the rule change in May, it could be the biggest.
Surely, a Facebook GDPR is coming. Aside from the fact that there have been a number of data incidents lately, the big September 2018 Facebook data breach was monumental.
There were said to be some 29 million users affected by the data breach. Personal and contact information was reportedly compromised.
Of the staggering number of victims, 3 million were in Europe. The GDPR is a Europe-wide precedent for the regulations, so the fine that’s on its way to Facebook could be substantial. It could really set the precedent to show the true power of GDPR since it came into force in May 2018.
We know how the rules work, so we can roughly estimate how much the Facebook GDPR fine could be.
The rules allow for a fine of up to 4% of a company’s annual turnover. Based on Facebook’s 2017 revenue, the fine for the September breach could be in the billions.
Now that would be a precedent and would send a real message to data controllers that they must take their data responsibilities seriously.
We can tell you now that a Facebook GDPR isn’t the only thing Mr Zuckerberg needs to concern himself with.
You can add the cost of legal actions can compensation cases on top of the GDPR fines. It could be incredibly expensive to deal with the fallout of a data breach. If this for the much-needed shift in attitude when it comes to data protection, I don’t know what will!
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