Meta Huge Fine

[ToSlow]

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Meta on Monday was fined a record 1.2 billion euros ($1.3 billion) and ordered to stop transferring data collected from Facebook users in Europe to the United States, in a major ruling against the social media company for violating European Union data protection rules.

 

[Chris-CJ]

Meta on Monday was fined a record 1.2 billion euros ($1.3 billion) and ordered to stop transferring data collected from Facebook users in Europe to the United States, in a major ruling against the social media company for violating European Union data protection rules.

Wonder how that ruling would stack up against a US bank that has branches in various parts of the EU and transfers user data and user transactions back to the US.

Many years back, I worked for a Canadian bank that exposed Canadian Protected B data to the US and these days I hear that there is a lot of cross border data exchange happening.

Once you get on the Internet consider yourself without "clothes"!

 

[GreyGhost]

Meh. Another almost meaningless gesture. About 6% of 2022 profit. Like in poker, unless it is a pot sized wager, it barely matters. Once one of these companies gets (and pays) a fine in line with a years profit, they may consider whether to risk it. Until that time it will just be business as usual to maximize profit and ignore laws/regulators.

 

[sburns]

Yup as @GreyGhost mentioned this is just the price of doing business. I doubt Meta will change their ways, well they haven't even when they were dragged in front of congress in the US.

 

[Chris-CJ]

Yup as @GreyGhost mentioned this is just the price of doing business. I doubt Meta will change their ways, well they haven't even when they were dragged in front of congress in the US.

Meta, when pressured by the govt of India has allowed Whatsapp conversations to be tracked and decoded by that govt, rendering the statement of end-to-end message encryption meaningless in that country.

 

[woot]

I like that it's the Irish regulator that gets to issue the fine. I bet they weren't expecting a $1.2b windfall when they agreed to be a tax haven.

 

[GreyGhost]

I like that it's the Irish regulator that gets to issue the fine. I bet they weren't expecting a $1.2b windfall when they agreed to be a tax haven.

Roughly inconsequential for them too. They collect roughly 100B Euros in total tax for 2022. Sure, some politicians may be able to sprinkle a little more to their friends but it's not enough to change anything.

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