The European Union's General Data Protection Regulation (GDPR) takes effect in May, but many companies outside Europe have only recently awakened to the fact that GDPR affects them. (Image: Shutterstock)
With revelations that the political advertising company Cambridge Analytica mined millions of Facebook accounts without users' consent, Facebook Inc. may be subject to a British investigation that could lead to fines as high as £500,000 ($700,000). While the company also faces potential U.S. sanctions, in Europe the timing works out in Facebook's favor: If the scandal had happened two months from now, it might have been covered by a new European law that allows penalties as high as 4 percent of a company's global revenue, or in Facebook's case, more than $1.5 billion.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.