facebook ceo mark zuckerberg

Facebook has been fined £500,000 by UK regulator the ICO over the Cambridge Analytica scandal.
It’s the maximum amount possible under law, but given Facebook’s size it’s just a slap on the wrist.
The regulator says Facebook broke the law, breaching the UK Data Protection Act twice.
British politicians are now calling on Facebook to be more transparent about its internal investigation into data misuse.

The British data regulator plans to fine Facebook the maximum amount possible over the Cambridge Analytica scandal.

On Tuesday, the ICO (Information Commissioner’s Office) announced that it will hit Facebook with a £500,000 (roughly $663,000) penalty over two breaches of the UK Data Protection Act linked to the incident, in which political research firm Cambridge Analytica misappropriated tens of millions of users’ personal data.

“The ICO’s investigation concluded that Facebook contravened the law by failing to safeguard people’s information,” the organisation said in a statement. “It also found that the company failed to be transparent about how people’s data was harvested by others.”

The sum is barely even a slap on the wrist for Facebook, which had revenues of more than $40 billion in 2017, but is the maximum possible under the applicable legislation.

Future violations will be able to be punished much more strictly, however: Under GDPR, the EU’s new data protection legislation, companies can be fined up to €20 million or 4% of their global annual turnover, whichever is higher. (GDPR was not applicable because the offenses took place before it came into effect.)

In a statement, Information Commissioner Elizabeth Denham said: “New technologies that use data analytics to micro-target people give campaign groups the ability to connect with individual voters. But this cannot be at the expense of transparency, fairness and compliance with the law.”

“Fines and prosecutions punish the bad actors, but my real goal is to …read more

Source:: Business Insider

      

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