Comment on Meta's behavioral Ads banned in EU/EEA by EDPB
TheFeatureCreature@lemmy.world 9 months ago
She also highlighted that Meta has not shown compliance with the orders set by Ireland’s Data Protection Act (IE DPA) last year.
Because getting caught and fined a couple million isn’t even a minor business expense to these companies. Stop acting surprised when they don’t follow your rules when you fine them 0.007% of their yearly profits.
Like,
Despite this, Facebook and Instagram remained operational in Norway, where EU data protection laws prohibit such advertising practices. The platforms faced a daily fine of one million Norwegian kroner (around €89,000).
Their bean counters probably laughed out loud when they were told about this, and I wouldn’t blame them. This is a joke. They probably spend more on toilet paper for their office workers. Meta has nearly 200 BILLION (with a B!) in assets. Treat them like it.
Poggervania@kbin.social 9 months ago
I always thought it would be a good idea to fine publicly traded corporations a percentage of their market cap + 10%, going up to maximum of 100% market cap + 10%.
If Meta is worth $837B USD, then we should treat them like it.
Kissaki@feddit.de 9 months ago
GDPR:
4% can be a lot in absolute numbers for these massive corporations. But it’s such a low percentage that it could indeed be included in operational cost and then be ignored.
Armok_the_bunny@lemmy.world 9 months ago
It helps a lot that that’s revenue and not profit, so it ignores other expenses. Of course, I don’t know how much that matters, but it is still enough to hurt.
SHITPOSTING_ACCOUNT@feddit.de 9 months ago
I’d say that’s a huge problem actually.
For a normal company, abusing data is a small part of their business and profit is a few percent of revenue, so such a fine would be devastating.
For some tech companies, profit is in the double digit percent of revenue and half of it comes from breaking the law, so the 4% are a tax they can happily pay and still be more profitable than if they followed the law.
Poggervania@kbin.social 9 months ago
Oh man that sounds juicy 🤤
Only change I’d argue for is to go off market cap instead of annual worldwide revenue though because you can say some insanely small amount on paper like 4%, but then that same 4% turns from ~$5B USD with annual revenue to ~$33B USD with market cap. But because we’d also want to actually deter businesses from breaking it and considering it a cost of business, I would think something like a fine of 110% of market cap value would be a huge deterrence.