European Data Privacy Regulator Issues a $1.3 Billion Fine to Meta

The parent company of Facebook and WhatsApp, Meta, has just received the largest sanction ever issued by European privacy regulators. Ireland's Data Protection Commission (DPC) fined the tech behemoth $1.3 billion for allegedly mishandling user data by transferring it from Europe to the United States. It was determined that Meta exposed European citizens to the relatively inferior data protection laws of the United States.

What occurs next?

For five months, the company was prohibited from transferring European user data to the United States. Unsurprisingly, Meta representatives have stated that the tech behemoth will appeal the fine, describing the ruling as "extraneous and unfair."

The sanction has also renewed calls for the establishment of a standard protocol for cross-border data transfers to prevent leaks. As for Meta's stock price, investors appear unconcerned about the ruling, as META has gained nearly 5% in the past week.

(About Meta)

Meta is a multinational technology corporation specialising in the creation and provision of diverse digital platforms and services. In 2021, the company formerly known as Facebook changed its name to Meta to reflect its expanded vision and emphasis on constructing the metaverse. Meta invests heavily in research and development, collaborating with experts from a variety of disciplines – augmented and virtual reality in particular. Meta has confronted challenges in the past regarding privacy and data practises, and its data handling practises continue to be scrutinised today.