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Facebook facing record £500000 fine over Cambridge Analytica scandal

Facebook facing record £500000 fine over Cambridge Analytica scandal

The Information Commissioner has slapped a half million pound fine on Facebook for failing to safeguard its users' data. However, because the abuse took place before the introduction of the EU's new General Data Protection Regulation, which allows fines of up to 4% of global annual revenues, the ICO is only able to fine Facebook £500,000 ($663,610, ) which is the limit under older British data protection law.

The ICO launched an investigation in March into Cambridge Analytica, the UK-based political data analysis firm at the heart of a scandal that's stirred up two national governments and the world's largest social network.

In May, the European Union launched stricter data protection laws allowing regulators to fine companies up to €20 million or 4 percent of their annual global turnover.

In the words of the United Kingdom data regulator, Facebook "failed to be transparent about how people's data was harvested by others".

Just think how much more compelling and mind bending Facebook micro-targeting ads could have been if viewers were taken to augmented worlds.

'We are at a crossroads.

"We are fully cooperating with the investigation now under way by the Australian Privacy Commissioner and will review any additional evidence that is made available when the UK Office of the Information Commissioner releases their report", the spokeswoman said.

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However, it remains a mere drop in the ocean for the Zuckerborg, which reported a net income of $5bn in its latest quarter, making that £500,000 about 18 minutes of quarterly profit.

UK Information Commissioner Elizabeth Denham has provided an update on the investigation into the use of data analytics by political campaigns. A group of industry executives met with France's President Emmanuel Macron to discuss how to use technology to improve people's lives. "It also found that the company failed to be transparent about how people's data was harvested by others".

Other regulatory action set out in the report includes warning letters to 11 political parties and notices compelling them to agree to audits of their data protection practices.

Facebook is facing by the UK's privacy watchdog for allowing Cambridge Analytica to improperly access key personal data on millions of its users. "Trust and confidence in the integrity of our democratic processes risk being disrupted because the average voter has little idea of what is going on behind the scenes", Denham said.

Facebook COO Sheryl Sandberg's total compensation was worth $25.2 million in 2017-including $21.1 million in Facebook stock and the $2.7 million spent on personal security.

Fair Vote's director, Kyle Taylor, told Business Insider that he was anxious that Facebook wouldn't face a sufficiently large penalty.

However, the commissioner is yet to make a final decision and Facebook is reviewing the report before releasing an official response about the judgement and fine.