EU fines Meta $102 million for 2019 password security lapse: Business Standard

The European Union has hit Meta, the parent company of Facebook, with a hefty $102 million fine over a major privacy breach that occurred in 2019. The fine comes as a result of a lapse in password security that left millions of users’ personal information exposed.

The breach, which occurred in September 2019, allowed hackers to access the passwords of over 30 million Facebook users. This sensitive information was then stored in plain text format on the company’s internal servers, leaving it vulnerable to potential misuse.

EU regulators have deemed this breach a serious violation of the General Data Protection Regulation (GDPR), which mandates that companies take all necessary measures to protect the personal data of their users. As a result, Meta has been fined $102 million for failing to adequately safeguard the passwords of its users.

In response to the fine, Meta has acknowledged the severity of the breach and has pledged to improve its security measures to prevent similar incidents from happening in the future. The company has also stated that it will work closely with EU regulators to ensure compliance with all data protection laws.

This latest fine serves as a stark reminder to tech companies of the importance of safeguarding user data and upholding privacy standards. It also highlights the increasing scrutiny that companies like Meta face from regulators around the world in the wake of numerous privacy scandals.

As users continue to entrust their personal information to online platforms, it is crucial that companies take their responsibility to protect this data seriously. Failure to do so can have serious consequences, as demonstrated by the significant fine imposed on Meta by the EU.