Locks and Security News: your weekly locks and security industry newsletter
17th April 2024 Issue no. 701
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On 5th anniversary of GDPR Meta hit with $1.3bn fine
Meta has been fined $1.3bn over data transfers to US by the EU in what is a record penalty from the five-year-old GDPR.
With the fifth anniversary of GDPR being tomorrow, Rebecca Harper, Head of Cybersecurity Analysis at ISMS.online reflects on the last five years, and what the future looks like for GDPR compliance.
Rebecca Harper, Head of Cybersecurity Analysis at ISMS.online, says:
“GDPR has undoubtedly brought about a significant change in how organisations collect, process, and protect personal data. It has given individuals more control over their data, established higher data protection standards across the EU, and influenced standards globally.
“Although the GDPR is an EU regulation, its extraterritorial reach has meant that many organisations worldwide had to comply with its provisions if they handled EU citizens' data. This has sparked a global conversation about privacy and data protection, leading to increased awareness and improved data practices beyond the EU.
“The GDPR has also harmonised data protection laws across EU member states, replacing the previous patchwork of national regulations. This simplification has been hugely beneficial for privacy professionals and businesses, as it provides a unified framework and consistent standards for compliance. The benefits of such an approach are many; harmonising more standards in this way would positively impact businesses, enforcement and understanding.
“The regulation has also increased awareness about data privacy among individuals and organisations. It has made companies more accountable for how they handle personal data and has given regulators more power to enforce compliance and impose fines for non-compliance.
“While the GDPR imposes obligations on organisations, it also presents business opportunities. Compliance with the GDPR empowers organisations to enhance consumer trust and reputation and realise a competitive advantage, which is highly valuable for organisations looking to win business and drive revenues.
“However, while some high-profile penalties have been issued due to organisations failing to meet the requirements of GDPR, notably Meta’s record $1.3 billion fine today, the fines have been less frequent and smaller than anticipated. And some have even been reduced after appeal, which doesn't send the strongest message to organisations to take data privacy seriously. This does beg the question of whether GDPR has been a toothless tiger in terms of enforcement.
“With the UK currently reviewing the Data Protection and Digital Information (No. 2) Bill, which would be a significant move away from GDPR, it will be interesting to see how the lack of harmonisation with the EU will impact businesses and the level of complexity, such significantly different standards will have on companies operationally, financially, and competitively within the broader EU markets.”
17th May 2023