Facebook is about to receive its first financial penalty for the Cambridge Analytica scandal, but do not expect to see them crying for the amount. As reported by Bloomberg, the Office of the Information Commissioner (ICO) of the United Kingdom has announced that it will fine the social network with the maximum amount stipulated by its data protection laws. This is a fine of 500,000 pounds.
This fine has been announced along with a report presented by the ICO, in which it has revealed its first conclusions about an investigation to 30 companies. Among them is Facebook, which accuses of not adequately protect the data of its users and not disclose how other companies got the data of these people.
“Facebook has not provided the types of protections that are required to comply with data protection laws,” Elizabeth Denham, Commissioner of Information, told the media. On the fine, he says it “sends a clear signal that I consider this a major problem, especially when looking at the scale and impact of this type of data breach.”
In any case, this possible fine of 500,000 pounds is insignificant for Facebook, which only a few months ago declared profits of almost 12,000 million dollars. The fine could have been really hard if it had been applied through the GDPR, because its entry into force on May 25. In this case we could be talking about a fine that could have been 4% of its annual sales, about 1,600 million dollars that would have done much more damage.