Subj : GDPR violations have cost companies billions since being introduc
To   : All
From : TechnologyDaily
Date : Tue May 28 2024 11:45:05

GDPR violations have cost companies billions since being introduced

Date:
Tue, 28 May 2024 10:30:35 +0000

Description:
Facebook parent company and subsidiaries have paid out 2.5 billion in GDPR 
fines since 2018, or 55% of the 4.5 billion.

FULL STORY
======================================================================

In the six years that the European Unions General Data Protection Regulation 
(GDPR) has been in force, 4.5 billion ($4.9 billion) in fines have been paid 
due to violations. 

Research by NordLayer has revealed individual data protection authorities 
have issued 2,072 violations, highlighting that the regulation is being taken 
seriously and companies failing to adhere to the new measures are being 
punished. 

Since its inception in May 2018, GDPR has significantly influenced data 
protection and privacy practices, however for many consumers, it has also 
added another layer of complexity. GDPR fines prove companies are being 
penalized 

Spain, Italy and Germany top the list for GDPR violations. Spanish businesses 
were the most frequently penalized, with 842 fines totaling 80 million. 
Despite receiving less than half the number of fines than Spain, Italy paid 
out around three times as much in fines, suggesting a higher average 
magnitude across the board. German companies were fined 186 times, resulting 
in 55 million in penalties. 

Carlos Salas, a NordLayer cybersecurity expert, noted: We've witnessed 
businesses across industries change their data handling practices and invest 
in security measures to achieve compliance [GDPR] has reshaped the digital 
landscape, forcing a much-needed prioritization of privacy rights. 

Meta, responsible for six of the top 10 fines, was the most penalized 
company. Between the parent company and its Facebook and WhatsApp 
subsidiaries, it paid out 2.5 billion in fines, accounting for more than half 
of all the financial penalties. 

Its biggest, a 1.2 billion fine for insufficient legal basis for data 
processing in 2023, far exceeded the second-biggest fine a 746 million 
penalty given to Amazon. Other companies in the top 10 included TikTok and 
Google, with only one firm falling outside of the Big Tech category Italys 
Enel Energia. 

Salas summarized: Data protection regulations evolve, and cyber threats 
become more sophisticated, so businesses must remain proactive in their data 
privacy and security approach. More from TechRadar Pro VPN privacy: more than 
70% of providers are breaching GDPR Weve rounded up a list of the best 
identity theft protection services Protect your online activity by using the 
best VPNs and the best privacy tools and anonymous browsers



======================================================================
Link to news story:
https://www.techradar.com/pro/security/gdpr-violations-have-cost-billions-sinc
e-being-introduced


--- Mystic BBS v1.12 A47 (Linux/64)
 * Origin: tqwNet Technology News (1337:1/100)

.