It was last Friday that the social network giant Facebook announced one of its biggest and latest security issues. This led to the exposure of 50 million users. As many of these users are in the European Union, hence, the largest social network on the Internet, Facebook risks a fine of up to $1.63 billion, all under the GDPR.
Facebook To Face Up To $1.63 Billion Fine For Latest Hack
It was last Friday that the social network giant Facebook announced one of its biggest and latest security issues. This led to the exposure of 50 million users.
As many of these users are in the European Union, the largest social network on the Internet, of course, Facebook risks a fine of up to $1.63 billion, all under the GDPR.
The security flaw that the social network giant Facebook made public last Friday has a far larger dimension than normal for several reasons. The first of these is in the high number of affected users who may have seen their data stolen.
Secondly, and in the light of the GDPR rules, this failure could lead to a fine of up to 2% of its overall revenue.
.@DPCIreland is awaiting from Facebook further urgent details of the security breach impacting some 50m users, including details of EU users which have been affected, so that we can properly assess the nature of the breach and risk to users. #dataprotection #GDPR #eudatapVěra Jourová
At least 50mln #Facebook users were compromised in the huge security breach. I urge Facebook to fully cooperate with @DPCIreland. We need to know if EU users were affected and what had happened to their data. Here a reminder about the obligations of biz https://ec.europa.eu/info/law/law-topic/data-protection/reform/rules-business-and-organisations/obligations/what-data-breach-and-what-do-we-have-do-case-data-breach_en …
Some European countries have already started looking into the case and Ireland, where the social network giant Facebook has its European headquarters, will have already required detailed information from the social network giant Facebook.
In the case of the GDPR, very straightforward rules apply and oblige companies to report these failures and theft of data to the authorities within a maximum of 72 hours, under penalty of high fines.
In the case of this security breach, the social network giant Facebook complied with the 72-hour rule, but the Irish regulator complains that the notification lacked details and important information about the problem.
One of the biggest concerns of the Irish regulator is the impact this failure can have on users. 50 million is a very high number for affected users and even today it is not known exactly what data was stolen and its volume.
The European Commission may want to make this case and the social network giant Facebook an example and apply a historical fine, as has happened in other cases of violations of the rules defined.
If the regulator chooses to proceed, this case will not be forgotten and will not have a decision soon. Beyond the accusations, we have to wait for the defense of the social network giant Facebook and its lawyers. So, what do you think about this? Simply share all your views and thoughts in the comment section below.