Gross. Can we start making fines meaningful? % of revenue maybe? I’m not an expert on this. But these fines should be more than enough to discourage behavior and not be “cost of doing business”.
The EU knows fines of ‘up to’ 4% of revenue for privacy violations, which means the company still gets to keep 96% of whatever it’s made by breaking the law. The fine should be a minimum of 50%, plus jail time for the managers responsible. Any punishment that does not make the shareholders cry with fury is too low and will do nothing to change the situation.
Gross. Can we start making fines meaningful? % of revenue maybe? I’m not an expert on this. But these fines should be more than enough to discourage behavior and not be “cost of doing business”.
The EU knows fines of ‘up to’ 4% of revenue for privacy violations, which means the company still gets to keep 96% of whatever it’s made by breaking the law. The fine should be a minimum of 50%, plus jail time for the managers responsible. Any punishment that does not make the shareholders cry with fury is too low and will do nothing to change the situation.
No, they don’t get to keep 96%. It is revenue, not profit. That is a big difference.