3 ms·

"4% of their revenue" sounds like a "cost of doing business" fee.

• lm28469 6y ago
  It's "up to 20M or up to 4%, whichever is greater" From a quick google search VSBLTY's market cap seems to be under 20M, revenues under 1M. So 20M is much more than "cost of doing business".
• gspr 6y ago
  > "4% of their revenue" sounds like a "cost of doing business" fee. Really? Are you sure you're not confusing it with profits? Isn't 10% of revenue considered a decent profit margin? If a fine eats up half of that, it sounds pretty major (and reasonable) to me!
  • scaryclam 6y ago
    "These types of infringements could result in a fine of up to €20 million, or 4% of the firm’s worldwide annual revenue from the preceding financial year, whichever amount is higher." - https://gdpr.eu/fines/ https://gdpr.eu/fines/ Definitely revenue. The point of the GDPR is to have some teeth when dealing with companies that are large enough to shrug off lesser fines.
    • gspr 6y ago
      I know. I was replying to a comment that suggested it was toothless, so I wondered if the author had mixed revenue and profit.
• PeterisP 6y ago
  Paying that penalty is for past offences, in addition to being forced to implement all the required changes to stop future violations. Future noncompliance is a new violation and justifies new, additional fines. Intentional continuing noncompliance with these orders could also be treated as gross violation of data privacy which is a crime, the relevant executives can receive jail time for that. Also note that it's 4% of worldwide revenue for the whole group of connected companies, not just 4% of their EU subsidiary revenue.