alt Hacker NewsGDPR has fines:
Up to EUR 10,000,000 or up to 2% of the total worldwide annual turnover of the preceding financial year, whichever is higher; applies to infringements such as controller and processor obligations, security of processing, record-keeping, and breach notification duties.
Up to EUR 20,000,000 or up to 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher; applies to infringements of basic principles for processing, data subjects’ rights, and unlawful transfers of personal data to third countries or international organisations.
Replies
These fines aren’t something you’re responsible for paying by merely being breached. These are imposed for misconduct in data handling.
It’s not very hard to handle customer data in a legally compliant way, that’s why you don’t see companies deciding against retaining data.
You can do everything right and still have a data breach, and in that case nobody is fining you.
Sure, in principle. Have you heard of any company that suffered any significant hardship (say, stock price plummeting, personnel reductions, bankruptcy) because of one of these fines?