Breaking News: Meta fined €91m by Irish Data Protection Commission for storing passwords without encryption
In a shocking turn of events, Meta, the parent company of Facebook, has been hit with a hefty €91m fine by the Irish Data Protection Commission (DPC) for failing to encrypt certain passwords of social media users on its internal systems. This violation of data protection regulations has raised serious concerns about the security of user information on the platform.
The DPC's investigation, which began in April 2019, uncovered four breaches of the General Data Protection Regulation (GDPR) by Meta. Deputy commissioner Graham Doyle emphasized the importance of safeguarding sensitive user data, stating that storing passwords in 'plaintext' poses significant risks of abuse.
This latest fine comes on the heels of a €1.2bn penalty imposed on Meta in May 2023 for mishandling data transfers between Europe and the United States. The company's track record of data privacy violations has drawn scrutiny from regulators and raised questions about its commitment to protecting user information.
In light of these developments, investors and users alike should be cautious about the security of their data on Meta's platforms. The repeated fines and regulatory actions against the company could have long-term implications for its reputation and financial performance. Stay tuned for more updates on this evolving situation.