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>but only take 5% of annual revenue of a large business It's 4% global revenue and it's really a lot. Fines are issued based on the amount of data and amount o
by xxs 7y ago
>but only take 5% of annual revenue of a large business
It's 4% global revenue and it's really a lot. Fines are issued based on the amount of data and amount of people affected.
Small companies rarely need anything but contact information. Storing the data securely is no trivial task for any size of organization, though.
Small companies would have significantly less data and customers to be worthy of a hefty fine. Again, if you can't keep the data secure, don't go into such a business.
- downandout 7y agoI was referring to the maximum fine. It is 4% of global revenues, or 20M EUR, whichever is greater. So the maximum fine would wipe out any business that doesn’t happen to have 20M EUR lying around - that might be 1000% of what they have, but the damage to a large business is capped at 4% of their revenue regardless of how egregious the behavior. That kind of a fine structure has only one possible purpose: it was specifically designed to be able to decimate small businesses while being a minor speed bump for any large business. The ultimate effect is the consolidation of power into the hands of handful of large companies.
- isostatic 7y agoNormal fines are “up to x million” The GDPR fine is specially done some large multinationals can’t ignore it.
- deleted 7y ago[deleted]