Facebook has been fined £500,000 ($910,650) by the United Kingdom today over the Cambridge Analytica scandal. The minuscule fine was the most allowed under the law, but Facebook can probably find that kind of money in its couch cushions. Based on last year’s revenue, Facebook makes that amount in less than 9 minutes of operation.
Tagged With general data protection regulation
Facebook's stunning disclosure of a massive hack on Friday in which attackers gained access tokens to at least 50 million accounts — bypassing security measures and potentially giving them full control of both profiles and linked apps — has already stirred threats of a $US1.63 ($2.26) billion dollar fine in the European Union, according to the Wall Street Journal.
When Mark Zuckerberg testified in front of members of the European Parliament on Tuesday, he insisted that Facebook was ready for Friday, the day when the European Unions's strict new data privacy law went into effect. But users in Europe have already filed complaints against Facebook and others today, saying the tech companies are in violation of the General Data Protection Regulation (GDPR).
Facebook has spent the past few weeks on an apology tour amid the fallout of its Cambridge Analytica data-sharing scandal, in which the company lost control of extensive information on 50 million users harvested without their consent. They have dispatched founder Mark Zuckerberg to recite talking points, shuffled around some privacy settings, recalibrated Zuckerberg's talking points, and in between relatively meaningless other directives, taken out full-page newspaper ads saying sorry (and subtly mentioning they expect other similar incidents to emerge).