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IIRC the EU does that, but there is a limit that isn't sky high. So it's more likely to deter smaller FAANG competitors than actual FAANG companies.
by mkl95 4y ago
IIRC the EU does that, but there is a limit that isn't sky high. So it's more likely to deter smaller FAANG competitors than actual FAANG companies.
- DoughnutHole 4y agoThe maximum GDPR fine is the higher of €20 million or 4% of global turnover, which is pretty substantial. In Google's case the maximum fine based on 2021 revenue would be ~€10 billion, about 13% of their profits in that year. It's not completely crippling but it's a significant hit, especially considering that they can get fined again and again for additional violations. The fines are a much bigger deal for companies with lower profit margins - Amazon had ~€470 billion in revenue in 2021, and only ~€8 billion in profits. The maximum fine Amazon could receive is ~€18.8 billion - more than two years of profits. A single severe violation potentially putting them in the red for 2 years is a pretty strong penalty. [Thank you Euro-Dollar parity for making these computations effortless]