Facebook does not meet the strict privacy standards established in Europe to protect user data from American security agencies.
This is the highest fine given by the European Union in matters of privacy; Facebook will probably appeal the decision whose effectiveness is questionable.
The European Union has imposed a record fine on Meta, the parent company of Facebook, for transferring information from European users to servers in the U.S. The 1.2 billion euro ($1.3 billion) fine is higher than the 746 million euro fine imposed on Amazon in 2021 and is considered to be the highest fine imposed in the European Union for violations of user data protection laws.
In addition to the fine, Meta was given five months to “suspend any future transfer of personal information to the US”, and six months to stop the “illegal processing in the US, including storage” of personal data transferred from the EU.
The fear of data transfer stems from the fact that privacy laws in the U.S. are less strict than in Europe. Strict privacy standards were established in Europe to protect user data from American security agencies. In fact, in Europe, they are trying to prevent a situation where if the data on European users is kept in the United States, agencies and American security officials will be able to review the information as much as they want. However, the ruling is not expected to take effect immediately, and Meta – the parent company of Facebook, WhatsApp, and Instagram – will be given a grace period so that it can make the necessary adjustments. In addition, the company is expected to appeal the decision.
Irish regulators have already fined Meta a total of close to a billion euros since September 2021. They are also the primary authority overseeing Apple, Google, TikTok, and other tech companies whose European headquarters reside in Ireland. For example, in November of last year, Meta was fined 265 million euros for leaking the data of over 500 million users. Even earlier, a fine of 405 million euros was imposed on Instagram because they allowed young people to open accounts that revealed their phone numbers and email addresses.
Meta Short (Sell)
Enter At: 237.97
T.P_1: 229.12
T.P_2: 218.41
T.P_3: 207.77
T.P_4: 193.58
S.L: 257.52
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