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Record $1.2 billion in fines imposed on GAFAM

Updated: Mar 16, 2023

Fines for violations of the European Union's landmark privacy law have increased sevenfold in the past year, according to a new study.

European data protection authorities have issued a total of $1.25 billion in fines for violations of the bloc's General Data Protection Regulation since Jan. 28, 2021, law firm DLA Piper said in a report.

That was about $180 million a year earlier.

The GDPR has been in effect since 2018. The sweeping changes to EU data rules are designed to give European consumers more control over their information.

Companies are required to demonstrate a clear legal basis for collecting and processing users' personal data. And companies must notify authorities of any data breach within 72 hours of first becoming aware of it.

Non-compliance can result in potentially hefty fines of up to 4% of a company's annual global revenue or €20 million ($22.8 million), whichever is higher.

Last year, EU regulators imposed record fines under the GDPR, with GAFAMs taking the brunt of the penalties.

Luxembourg's privacy watchdog fined Amazon 746 million euros ($850 million) while Irish authorities fined Meta's WhatsApp 225 million euros . Both companies are currently appealing the respective fines.

Source : CNBC

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