Facebook fined £500,000, "the maximum amount possible", for data breaches in Cambridge Analytica scandal

submitted by magnora7 from theguardian.com

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[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

While their stock price is at all time highs, ugh. They fucked everyone and they're going to survive it just fine.

[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Well, for now. I have a feeling we're on the edge of the tech bubble 2.0 and facebook will be the next posterboy for a decline. But that's just my gut feeling. So many of these top websites are ridiculously overvalued, and I think these court cases might make that obvious to investors.

[–]magnora7[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

In the first quarter of 2018, Facebook took £500,000 in revenue every five and a half minutes. Because of the timing of the breaches, the ICO said it was unable to levy the penalties introduced by the European General Data Protection (GDPR), which caps fines at the higher level of €20m (£17m) or 4% of global turnover – in Facebook’s case, $1.9bn (£1.4bn). The £500,000 cap was set by the Data Protection Act 1998.