As security experts continue to assess the scope and impact of a Facebook data breach affecting nearly 50 million accounts, the social media giant reportedly could be assessed a financial penalty of as much as $1.63 billion for violating Europe's GDPR regulations.
The Wall Street Journal arrived at this figure by calculating four percent of Facebook's global annual revenue from the prior year -- which is the maximum fine European regulators can hand down for GDPR infractions. (Alternatively, companies can be levied a maximum flat fine of €20 million.)
The WSJ also reported that Ireland’s Data Protection Commission, acting on behalf of the European Union, said on Saturday it is demanding more information from Facebook about the breach, including which EU residents might be affected. Should regulators find that Facebook acted insufficiently to secure the breached data, punitive actions could eventually follow.
Please register to continue.
Already registered? Log in.
Once you register, you'll receive:
The context and insight you need to stay abreast of the most important developments in cybersecurity. CISO and practitioner perspectives; strategy and tactics; solutions and innovation; policy and regulation.
Unlimited access to nearly 20 years of SC Media industry analysis and news-you-can-use.
SC Media’s essential morning briefing for cybersecurity professionals.
One-click access to our extensive program of virtual events, with convenient calendar reminders and ability to earn CISSP credits.