The Irish Data Protection Commission (DPC) has fined Meta €91 million for a 2019 incident wherein the company stored millions of Facebook and Instagram passwords in plain text.
Should be like GDPR fines: 4% of your annual global revenue.
Edit: just read “It has so far fined Meta a total of 2.5 billion euros for breaches under the bloc’s General Data Protection Regulation’s (GDPR), introduced in 2018, including a record 1.2 billion euro fine in 2023 that Meta is appealing”
That’s not an entirely accurate representation, because after taxes you still use that money for housing and food and transportation etc. In business terms that 50k would still contain operating costs. So that $120 might still seem a lot.
That 50k a year should be extra money, the money left in your pocket after taxes, housing, groceries, other necessities and debts are paid off. That would give an accurate representation of how insignificant a $120 ticket would be.
This is like when Dr Evil asks for $1 million dollars after being unfrozen. These courts need to get with the times.
Should be like GDPR fines: 4% of your annual global revenue.
Edit: just read “It has so far fined Meta a total of 2.5 billion euros for breaches under the bloc’s General Data Protection Regulation’s (GDPR), introduced in 2018, including a record 1.2 billion euro fine in 2023 that Meta is appealing”
Wow, Meta really likes donating to the EU
I can’t find anything that states how much they have actually paid. It’s not quite the same if they spend 20 years fighting the amount in court.
102 million is a major fine.
102 million is a major fine for you. For meta that’s less than 1% of their last quarter (which was 13 billion net income).
To put it into perspective, the fine was 0.8% of that net income.
If you make $50k/yr after taxes, the equivalent fine would be on the order of about $120.
Where I’m from, that’s a speeding ticket.
That’s not an entirely accurate representation, because after taxes you still use that money for housing and food and transportation etc. In business terms that 50k would still contain operating costs. So that $120 might still seem a lot.
That 50k a year should be extra money, the money left in your pocket after taxes, housing, groceries, other necessities and debts are paid off. That would give an accurate representation of how insignificant a $120 ticket would be.
That’s the thing, though. I computed from the claimed figure above of 13 billion net income. The costs are already accounted for.
It is absolutely not, but I understand it’s easy to lose sense of scale when you go into billions territory.
This is less than a rounding error.
Not for a company with 120 Billion profits.