Facebook could face billion dollar fine for data breaches

Baku. 15 December. REPORT.AZ/ Facebook could be facing a multi-billion dollar fine over failure to protect user privacy, Report informs citing foreign media.

The Irish Data Protection Commission, which oversees Facebook’s compliance with European law confirmed to CNN on Friday it launched a “statutory inquiry” into Facebook after receiving multiple reports of data breaches affecting the company.

Facebook could be facing a multi-billion dollar fine after a European regulator announced Friday that it is launching an investigation into the company over failure to protect user privacy.

Companies found to have run afoul of GDPR could face a maximum fine of $23 million or 4% of their annual worldwide revenue, whichever is higher.

In Facebook’s case, the company had revenue of almost $40 billion in 2017, which means the company could face a fine of up to $1.6 billion if its revenue for 2018 remains roughly the same.