‘It’s a warning shot’: Experts say ICO’s fine to Facebook signals seriousness of its GDPR enforcement
It may not know it yet, but Facebook is fast becoming the poster child for any business that hasn’t got its data privacy cards in order, experts believe.
The Information Commissioner’s Office came down hard on Facebook last week for its part in the Cambridge Analytica scandal. Or at least, it came down as hard as it could, pledging to fine the platform £500,000 ($661,000) — the maximum it could give under the older data protection law. The ICO has since conceded that the fine is not as hard-hitting as it would have given, had the breaches occurred after May 25, when the General Data Protection Regulation was enforced.
“The incidents being investigated occurred under the Data Protection Act 1998 for which the maximum fine was £500,000,” said an ICO spokesperson. “After May 25, 2018, when the GDPR came into force, then the fine issued to Facebook would have been at the upper end of the scale.”
The maximum fine for GDPR regulations is 4 percent of annual global turnover or €20 million [$23 million]. Facebook’s 2017 global revenue was $40 billion, meaning a 4 percent fine would amount to $1.6 billion. ..Read More..