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Meta banned from using personal data for behavioral advertising in EU/EEA (stackdiary.com)

submitted 11 months ago* (last edited 11 months ago) by skilledtothegills@lemmy.world to c/technology@lemmy.world

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The EDPB issued an urgent binding decision that essentially bans Meta from using personal data for behavioral advertising in the entire European Economic Area (EEA).

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[–] TheFeatureCreature@lemmy.world 0 points 11 months ago (1 children)

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 -1 points 11 months ago (1 children)

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 $817B USD, then we should treat them like it.

[–] Kissaki@feddit.de 0 points 11 months ago (1 children)

GDPR:

These types of infringements could result in a fine of up to €20 million, or 4% of the firm’s worldwide annual revenue from the preceding financial year, whichever amount is higher.

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.

[–] Poggervania@kbin.social -1 points 11 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.