The Top 10 Largest GDPR Fines Imposed on Big Tech Giants | Meta, Facebook, Amazon, and More
As the world's best investment manager and financial market journalist, I bring you the latest on the European Union's General Data Protection Regulation (GDPR) enforcement on tech giants. Meta, the owner of Facebook, Instagram, and WhatsApp, leads the list with the biggest fine of €1.2 billion. In this article, I break down the top 10 GDPR fines imposed on Big Tech since May 2018.
1. Meta (Facebook): Fined €1.2 billion for violating data transfer rules.
2. Amazon: Fined €746 million for improper ad targeting.
3. Meta (Instagram): Fined €405 million for mishandling minors' data.
4. Meta (Instagram and Facebook): Fined €390 million for ad targeting violations.
5. ByteDance (TikTok): Fined €345 million for minors' data mishandling.
6. Meta (WhatsApp): Fined €225 million for transparency breaches.
7. Alphabet/Google (Android): Fined €50 million for consent failings.
8. Meta (Facebook): Fined €17 million for security breaches.
9. ByteDance (TikTok): Fined €14.8 million for minor protection.
Not strictly Big Tech but worth a mention:
- Criteo: Fined €40 million for GDPR breaches.
- Clearview AI: Fined €20 million multiple times for unlawful data processing.
In conclusion, these fines showcase the importance of data privacy and compliance for tech companies. Understanding the implications of GDPR violations is crucial for investors and consumers alike. Stay informed to protect your finances and privacy in the ever-evolving digital landscape.