• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries

European data protection board slams 1.2 billion euros fine against Meta

Samson AkintarobySamson Akintaro
2 weeks ago
in Industries, Tech News
European Data Protection Board slams 1.2 billion euros fine against Meta
Share on FacebookShare on TwitterShare on Linkedin

Article Summary

  • Meta has been hit with a record fine of 1.2 billion euros for transferring European Facebook users’ data to the U.S.
  • The fine came as the largest issued against any company under the General Data Protection Regulation (GDPR).

The European Data Protection Board (EDPB) has fined Meta €1.2 billion for breaching the General Data Protection Regulation (GDPR). This was the largest fine ever under the European GDPR.

Meta is said to have breached conditions set out in the pan-EU regulation governing transfers of personal data to third countries without ensuring adequate protections for people’s information. The company was also ordered to stop exporting European Union user data to the US for processing in compliance with the GDPR.

Serious infringement

Announcing the sanction, EDPB’s Chairman, Andrea Jelinek, said:

  • “The EDPB found that Meta IE’s infringement is very serious since it concerns transfers that are systematic, repetitive, and continuous. Facebook has millions of users in Europe, so the volume of personal data transferred is massive. The unprecedented fine is a strong signal to organisations that serious infringements have far-reaching consequences.”

In its binding decision earlier on April 13, 2023, the EDPB instructed the IE DPA to amend its draft decision and to impose a fine on Meta.

  • “Given the seriousness of the infringement, the EDPB found that the starting point for calculation of the fine should be between 20% and 100% of the applicable legal maximum. The EDPB also instructed the IE DPA to order Meta IE to bring processing operations into compliance with Chapter V GDPR, by ceasing the unlawful processing, including storage, in the U.S. of personal data of European users transferred in violation of the GDPR, within 6 months after notification of the IE SA’s final decision,” Jalinek added.

Last April, Meta warned investors that around 10% of its global ad revenue would be at risk if the EU data flow suspension were to be implemented. That fear has now become reality with Monday’s pronouncement by the EDPB.

What you should know

The General Data Protection Regulation (GDPR) is a regulation in EU law on data protection and privacy in the EU and the European Economic Area (EEA). The GDPR is an important component of EU privacy law and human rights law, in particular Article 8(1) of the Charter of Fundamental Rights of the European Union.

It also addresses the transfer of personal data outside the EU and EEA areas. The GDPR’s primary aim is to enhance individuals’ control and rights over their personal data and to simplify the regulatory environment for international business.

Nigeria 2019 also came up with the National Data Protection Regulation (NDPR), which is fashioned after the GDPR with the aim of protecting Nigerians’ data. However, not much has been achieved with the implementation of the regulation, so there has been a clamor for a substantive data protection law.

Tags: European Data Protection BoardMeta

Leave a Reply Cancel reply

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

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Unity Bank needs to enhance profitability to restore positive shareholders’ funds
  • Viral President Tinubu’s N50,000 grant scheme is fake – NITDA
  • Nigeria is the only African country selected to launch the IFRS S1 and IFRS S2-FRC

Follow us on social media:

Recent News

Unity Bank needs to enhance profitability to restore positive shareholders’ funds

Unity Bank needs to enhance profitability to restore positive shareholders’ funds

June 7, 2023
Viral President Tinubu’s N50,000 grant scheme is fake—NITDA

Viral President Tinubu’s N50,000 grant scheme is fake – NITDA

June 7, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In