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Facebook could face billion dollar fine for data breaches

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Saturday, 15 December, 2018, 23:00
Facebook could face billion dollar fine for data breaches

Facebook could be facing a multi-billion dollar fine after a European regulator announced Friday that it is launching an investigation into the company over failure to protect user privacy.
The Irish Data Protection Commission, which oversees Facebook's compliance with European law confirmed to CNN on Friday it launched a "statutory inquiry" into Facebook after receiving multiple reports of data breaches affecting the company.Because Facebook's European headquarters is in Dublin, it must under GDPR inform the Irish data regulator within 72 hours of discovering a breach.
Companies found to have run afoul of GDPR could face a maximum fine of $23 million or 4% of their annual worldwide revenue, whichever is higher.
In Facebook's case, the company had revenue of almost $40 billion in 2017, which means the company could face a fine of up to $1.6 billion if its revenue for 2018 remains roughly the same.