Facebook receives maximum fine in England for Cambridge Analytica scandal
Facebook has returned spectacularly after the Cambridge Analytica scandal, after which Mark Zuckerberg, the founder and CEO of the company, had to appear to testify before the American Congress and the European Commission. But the problems are not over. Even if the company's shares have reached new records and Zuckerberg has climbed a rally in the richest people in the world, Facebook has been fined on this occasion, this time in the UK
According to UK law, Facebook receives the maximum fine for its role in collecting personal user information to Cambridge Analytica . Unfortunately, the fine for such mistakes in England is so small, as Facebook will not even feel any negative effect. It is a sum of 664,000 dollars which would be very large in the private environment for a normal citizen, but it represents a drop in the ocean for a multinational company worth about $ 600 billion
Despite the fact that the birthing authorities claim that this fine wants to send an important message to Facebook and other companies that might find themselves in a similar position, it is hard to take these statements seriously. In order to put $ 664,000 in the context for Facebook, it's about how much it takes the company in less than seven minutes if we relate to the first quarter of 2018 earnings ratios.
In the future, however, fines for such mistakes could be much higher, at least in Europe. Under GDPR law, such a violation could result in a fine equivalent to 4% of the company's global earnings, equivalent to $ 1.9 billion in Facebook. Such a fine may certainly be felt, especially since it applies to each individual situation.