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> "Today’s action sends a clear message to financial institutions that they must take seriously their obligation to safeguard such data.” $35 million fine for
by snarfy 4y ago
> "Today’s action sends a clear message to financial institutions that they must take seriously their obligation to safeguard such data.”
$35 million fine for 15 million customer's PII. The 'clear message' is that a customer's PII is worth about $2. Meanwhile the customers are on the hook for fraud monitoring in perpetuity.
- routerl 4y ago"Punishable by fine" means "legal if you can afford it". Until living, breathing, actual people face real consequences for this kind of thing, any enforcement actions are just theater.
- cyanydeez 4y agoFor corporations it means, "make sure there's a line item for the fines" At least humans are mostly controlled by ethics and morals. Corporations, not so much.
- cyanydeez 4y ago2$ for enforcement. Isn't like annually worth like $10.
- smabie 4y agoCould you sell each customers PII for more than $2 on darkweb? I kinda doubt it, seems like fair fine to me.
- psd1 4y agololwut. If I cut open your £180k Aston Martin with an angle grinder to steal a pair of sunglasses that I sell in a pub for £10, should my fine be £11?
- ShowalkKama 4y agodepends on what data we are talking about but yea, it can easily go for 5-10$ (highly depends on the information we are talking about) especially for financial data