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(Politico (Europe))   Amazon fined 0.2% of their 2020 sales for flouting EU privacy rules. That'll teach 'em   (politico.eu) divider line
    More: Misc, European Union, Luxembourg's data protection authority, Law, personal data, EU's privacy rules, Privacy, CNPD's decision, EU General Data Protection Regulation  
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205 clicks; posted to Business » on 30 Jul 2021 at 10:20 AM (18 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



15 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-07-30 10:25:00 AM  
Yeah, but it hurt their feelings.
 
2021-07-30 10:37:45 AM  
Time to get on my favorite soapbox. If the fines for companies breaking the law aren't so punitively huge and out of all proportion to their damage, then companies will just see them as a cost of doing business. You have to make executives want to follow the law through fear of their bonus being smaller.

/alternatively, jailing a few C-Level execs will also make a company follow the law
 
2021-07-30 11:11:26 AM  

Gubbo: Time to get on my favorite soapbox. If the fines for companies breaking the law aren't so punitively huge and out of all proportion to their damage, then companies will just see them as a cost of doing business. You have to make executives want to follow the law through fear of their bonus being smaller.

/alternatively, jailing a few C-Level execs will also make a company follow the law


Good luck with that.
 
2021-07-30 11:39:30 AM  

ImmutableTenderloin: Gubbo: Time to get on my favorite soapbox. If the fines for companies breaking the law aren't so punitively huge and out of all proportion to their damage, then companies will just see them as a cost of doing business. You have to make executives want to follow the law through fear of their bonus being smaller.

/alternatively, jailing a few C-Level execs will also make a company follow the law

Good luck with that.


I'm not wrong, I just know it's a pipe dream.

Though there is an example of some bank auto signing mortgage foreclosures, which was illegal. And the fine was going to be some small fraction of the profit they made doing this. Until Liz Warren stepped in and made sure that the fine was far in excess of the profits.

Of course, the fines aren't all cash and a lot of the time a billion in fines is $50 million in cash and the rest in remediation and better rates and other things that don't impact the bottom line.
 
2021-07-30 11:40:51 AM  
Shall be prohibited from conducting any business for a period of 30 days. Employees shall be paid normal wages for that duration.

Next offense will result in a 6 month ban.

While I'm musing about the impossible, I'd also like a baby unicorn for my birthday.
 
2021-07-30 11:48:23 AM  
Okay, but what portion of their 2020 sales were to people who live within the jurisdiction of EU privacy rules?
 
2021-07-30 12:21:30 PM  

wage0048: Okay, but what portion of their 2020 sales were to people who live within the jurisdiction of EU privacy rules?


The EU has what, 500 million people. So it isn't  unreasonable to assume that a lot of their revenue comes from the EU.
 
2021-07-30 12:56:34 PM  

Gubbo: Time to get on my favorite soapbox. If the fines for companies breaking the law aren't so punitively huge and out of all proportion to their damage, then companies will just see them as a cost of doing business. You have to make executives want to follow the law through fear of their bonus being smaller.

/alternatively, jailing a few C-Level execs will also make a company follow the law


The max fines for GDPR is 4% of global turnover. For Amazon that is going to be an eye watering amount.

Plus the Data Protection laws also have personal responsibility clauses that can make you personally liable for breaches you personally allowed or encouraged to happen. Personal fine and conviction to executives will have an effect the first time they do it.
 
2021-07-30 12:59:39 PM  

Norfolking Chance: Gubbo: Time to get on my favorite soapbox. If the fines for companies breaking the law aren't so punitively huge and out of all proportion to their damage, then companies will just see them as a cost of doing business. You have to make executives want to follow the law through fear of their bonus being smaller.

/alternatively, jailing a few C-Level execs will also make a company follow the law

The max fines for GDPR is 4% of global turnover. For Amazon that is going to be an eye watering amount.

Plus the Data Protection laws also have personal responsibility clauses that can make you personally liable for breaches you personally allowed or encouraged to happen. Personal fine and conviction to executives will have an effect the first time they do it.


It's gonna have to be something insane to get those punishments. I'm talking publishing and promoting a database of all your customer data and all their purchases and all their credit card numbers and addresses.

And even then, the execs will probably walk.
 
2021-07-30 1:06:10 PM  
What percent of their profit? I realize it's still low but a percent of revenue is kind of nonsensical. Companies like Amazon and Walmart will always have a huge revenue because their profit margins are lower than, for instance, a software company.
 
2021-07-30 1:28:35 PM  

The Sophian Church: Yeah, but it hurt their feelings.


Ego more like it
 
2021-07-30 1:29:34 PM  
Should take abt 0.32 minutes to pay that one off.
 
2021-07-30 2:03:27 PM  
21.33 billion U.S. dollars.

That's the profit from 2020. If we do some quick division to find out the per hour rate,

$21,330,000,000 / 365.25 = $58,398,357 / day

/ 24 hours = $2,433,264 per hour

This fine was $884,942,500.

$884,942,500 / $2,433,264 = 363.68 hours of profit = 15.15 days worth of profit.

They lost the equivalent to half of April's net income for this violation.
 
2021-07-30 5:32:40 PM  

The Sophian Church: 21.33 billion U.S. dollars.

That's the profit from 2020. If we do some quick division to find out the per hour rate,

$21,330,000,000 / 365.25 = $58,398,357 / day

/ 24 hours = $2,433,264 per hour

This fine was $884,942,500.

$884,942,500 / $2,433,264 = 363.68 hours of profit = 15.15 days worth of profit.

They lost the equivalent to half of April's net income for this violation.


Honestly... More than I thought.

Figured it'd be, "oh no... We lost half an hour of profit.... From 4am on a Tuesday."
 
2021-07-30 10:20:11 PM  

ImmutableTenderloin: Gubbo: Time to get on my favorite soapbox. If the fines for companies breaking the law aren't so punitively huge and out of all proportion to their damage, then companies will just see them as a cost of doing business. You have to make executives want to follow the law through fear of their bonus being smaller.

/alternatively, jailing a few C-Level execs will also make a company follow the law

Good luck with that.


That actually sort of happened in the Equifax case... well, one executive got handed a prison sentence anyway for insider trading during a data breach: https://www.freezenet.ca/prison-sente​n​ce-handed-down-to-equifax-exec-after-d​ata-breach/
 
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