$2b warning shot threatens to change the internet
The Sydney Morning Herald
23-05-23 01:59
The record fine imposed on Facebook's parent company Meta by European regulators serves as a warning to businesses that transfer individuals' data across borders. The €1.2bn ($2bn) fine was made by Ireland's Data Protection Commission at the request of the European Protection Board for Meta's inadequate protection of user data transferred from Europe to the US. Europe has the toughest data privacy legislation globally, enforced via its General Data Protection Regulation law. US social media companies have accumulated large fines, including Amazon's €746m ($1.24bn) 2021 penalty for alleged misuse of data. Meta has previously been fined €1.3bn for related breaches. The EU and US are working towards a new data privacy regime potentially in July 2022, guaranteeing privacy protection for data stored and transferred in the US. Without a new agreement, companies operating “data for service” models may be unable to collect or hold data on Europeans.