Facebook fined under old Data Protection RulesJul 11, 2018
The Information Commissioner is planning to fine Facebook £500,000 (the maximum amount possible) for breaching what are now old Data Protection rules.
It sounds like a lot of money to me. That being said Facebook made a profit of over $15 Billion in 2017 and had over $41,000,000,000 in the bank (yes that is 41 billion dollars).
I do not think the fine will worry them too much from a financial perspective. However, reputational issues are another matter entirely.
What really is happening to all that information we are all giving out to social media? Does it leave us vulnerable in any way? Why are some organisations so keen to have it? They must be able to do something with it?
Under the new Data Protection Act 2018 the fine could have been much higher, €20million or 4% of global turnover – a little bit scarier for big companies like Facebook, and something to definitely bear in mind.
For more information on how you can avoid fines and problems regarding data security, please contact our Commercial team on 01752 664444 or email Austin Blackburn.