Fines for breaches of EU privacy law spike sevenfold to $1.2 billion, as Big Tech bears the brunt

1/18/2022 6:02:00 AM

Fines for breaches of EU privacy law spike sevenfold to $1.2 billion, as Big Tech bears the brunt

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Fines for breaches of EU privacy law spike sevenfold to $1.2 billion, as Big Tech bears the brunt

EU data protection authorities have handed out a total of $1.2 billion in fines over breaches of the bloc's GDPR law since Jan. 28, 2021.

Key PointsEU data protection authorities have handed out a total of $1.2 billion in fines over breaches of the bloc's GDPR law since Jan. 28, 2021, according to law firm DLA Piper.GDPR, which has been in force since 2018, aims to give consumers in Europe more control over their information.

DLA Piper says a major "headache" for organizations going forward is legal uncertainty surrounding EU-U.S. data transfers.BirgitKorber | iStock | Getty ImagesFines for violations of the European Union's landmark privacy law have soared nearly sevenfold in the past year, according to new research.

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2 billion in fines over breaches of the bloc's GDPR law since Jan. 28, 2021, according to law firm DLA Piper.. GDPR, which has been in force since 2018, aims to give consumers in Europe more control over their information. ©2022 Cox Media Group. DLA Piper says a major "headache" for organizations going forward is legal uncertainty surrounding EU-U.A.S.

data transfers. Paul initially put the Encino palace on sale back in November for $8,995,000 . BirgitKorber | iStock | Getty Images Fines for violations of the European Union's landmark privacy law have soared nearly sevenfold in the past year, according to new research. EU data protection authorities have handed out a total of $1..25 billion in fines over breaches of the bloc's General Data Protection Regulation since Jan. 28, 2021, law firm DLA Piper said in a report published Tuesday. Expensive, for sure, but it appears to be worth it .

That's up from about $180 million a year earlier. Notifications of data breaches from firms to regulators climbed more modestly, by 8% to 356 a day on average.. GDPR has been in force since 2018. The sweeping changes to EU's data rules are aimed at giving consumers in Europe more control over their information. As we reported, it's got 7 bedrooms and 9 bathrooms . Companies are required to obtain clear consent from users before processing their details.

And firms must notify authorities about any data breach within 72 hours of first becoming aware of it.. Failure to comply can result in potentially hefty fines — namely, up to 4% of a company's annual global revenues or 20 million euros ($22.8 million), whichever is the bigger amount. It also features a massive yard, swimming pool, wine cellar and a billiards room for entertainment purposes. "GDPR has certainly been effective in making everyone sit up and listen to data protection law and data protection enforcement," Ross McKean, chair of DLA Piper's U.K..

data protection and security group, told CNBC. "Prior to GDPR, if you got hit with a fine and you were one of the bigger processors, it was a rounding error, it would barely pay for the Christmas party. but he still appears to be in good shape to make some profit off the property when it eventually sells. Now, you've got fines that are close to a billion euros." Record fines Last year saw EU regulators impose record fines under GDPR, with Big Tech taking the brunt of the penalties.6 million in 2017. Luxembourg's privacy watchdog .