Press "Enter" to skip to content

European Union’s overhaul in the regulations likely to generate $126 million

The overhaul of the regulations regarding data privacy by European Union has estimated to generate an amount of $126 million in terms of fines after it had been introduced close to two years ago.

Since the implementation which took place in the May of 2018, the GDPR which is the rules regarding data protection has been leading to more than breach notifications of data cases of more than 160,000 across all across Europe as per a research which has taken place recently.

An expert has said that his findings have stated that they were still in the very early portions of the enforcement. It has been close to 20 months after the new rules of the European Union had been introduced.

The expert says that this isn’t a big surprise that they are seeing a slower start to the fines but a lot is going to come in future.

The biggest of the fines under GDPR until now was the penalty which had been dished out by the data protection regulators from France. The regulator had fined 50 million euros to Google in the previous year for the infringements of GDPR which have been alleged. The ones who are infringing had been related to the transparency and the lack of consent instead of a breach in data.

Under the GDPR, the company may be fined an amount of 20 million euros or their revenue of the year’s 4% annually, whichever amount has been higher. The stakes have been higher by a considerable amount for the companies such as Facebook and Google which handle a larger amount of the data and making billions of the dollars in the year.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *