Facebook may be fined up to $1.63 billion due to data breach

At the beginning of the year, the social media giant Facebook was slammed by the data leaked by Cambridge analysis, but the EU’s General Data Protection Regulations had not yet taken effect. For Facebook, it’s inevitably a massive fine according to the new EU regulations.

When the Cambridge analysis scandal was unresolved, Facebook was found to sell the user-bound 2-step verification number to advertisers for pushing targeted advertising content. However, when Facebook has smashed again, it was found to have leaked up to 50 million user data. This time, due to a flaw in Facebook’s recommendation system. There is still a false report on the death of the small handbook. The company discovered the user data leaked as early as September 16 but released the security bulletin on the 29th.

Even more, unfortunately, the current EU General Data Protection Regulations have come into effect, and Facebook is also the company with the most leaked data from the world’s top companies after the new regulations go into effect.

According to the regulations, the maximum amount of violations of the rules may be a fine of 23 million US dollars or a fine of 4% of the annual revenue, and the high amount is used as a standard. Calculating Facebook by this standard will be fined up to $1.63 billion. Currently, the EU privacy regulator has begun investigating Facebook’s data breach.

Of course, the final penalty amount may not be as high as $1.63 billion, but it is even more critical as the result of the first company that was punished after the new regulations came into effect.

Via: Neowin