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GDPR seems to be on the right track, but I still fear that misuse will not be fined enough; if I remember correctly, it should be 20M or 4% of your gross profit
by devilmoon 9y ago
GDPR seems to be on the right track, but I still fear that misuse will not be fined enough; if I remember correctly, it should be 20M or 4% of your gross profit worldwide, whichever is higher, and that'd be a joke to a company like Facebook.
The other problem to consider with GDPR is that it might set a barrier to entry too high for potential competitors to Facebook to emerge, which on the other hand has enough money to comply/pay the fines right away.
- majewsky 9y agoWasn't it 4% of your worldwide gross revenue? That is much more substantial. But I guess it would still be profitable for FB to pay such a fine every few years in order to be able to continue doing business in the EU.
- devilmoon 9y agoI think you are right on the revenue part. Yes, it would still be profitable, the only thing I'm not sure about is if the fine would be cumulative for every misuse instance (i.e. in the Cambridge Analytica situation, 50M * 4%WGR) or if, every time a misuse is found, it's a una-tantum fine. Might also be FUD to force countries in the EU to regulate tax at the same level, but I doubt Ireland/Holland will go down without a fight