Over The Recent Hack, Facebook Has To Pay The $1.63 Billion Fine

Facebook said on Friday that the attackers escaped security measures and took full control of the application and linking profiles of at least 50 million accounts through passwords. The Wall Street Journal unveiled under the terms of the European Union, the company has been subject to a fine of $1.63 billion.

These hackers have fled the hole in video posting and "View As" to infiltrate user accounts. This led Facebook to report access codes to nearly 50 million users and reset about 40 million others as a precaution. In a more understandable way, if during hackers' attack on Facebook your account is being logged out, you are likely to become one of those hacked accounts.

Guy Rosen, vice president of product management for Facebook, told the New York Times staff they are trying their best to collect personal information from Facebook systems. From there they can investigate whether the attackers attempted to extract data from the records they had attacked. Guy Rosen also said the tech giant is not sure about the extent of the infringement on Facebook-related applications.

The company has yet to determine whether attackers have access to the most sensitive and sensitive data, such as direct messages from users. This is only the first phase of the attack, but Facebook says its approach is very sophisticated and it is still unknown who is behind the incident.

A spokesman for Facebook told Gizmodo about the details of the suspicious speech before the attack.

The Irish Data Protection Commission, Europe's leading privacy watchdog in the European Union, has announced that it has a serious and large impact on the EU population. Through an email, the agency said:

According to the new General Data Privacy Regulation (GDPR), which was introduced and applied in Europe, the case could be put in place at the maximum penalty - with a penalty equal to 4% of the company's global sales last year. Facebook will be $ 1.63 billion. (The Journal)

Based on the GDPR, when companies are not able to protect their user data, they can be fined 4% of their annual global sales last year or up to € 20 million (23 million dollars). If Facebook counts for 4% of global sales last year, Facebook would have to pay a maximum fine of $ 1.63 billion. The law also requires corporations to incur a maximum of 2% of worldwide sales and notify administrators of violations within 72 hours of the incident.

The GDPR contains recommendations that companies should store as little customer data as possible. While Facebook exposes a lot of important data, so does their responsibility to the user. Facebook is asked by the European Commission to show what they are doing to the user's data or that Facebook faces the highest fines.

Fortunately for Facebook, GDPR is not available in the United States so it does not face such high fines. However, Facebook is facing a Federal Trade Commission investigation that some data breaches, such as the Cambridge Analytica case and the violations of the 2011 privacy decree, have affected nearly two, 2 billion users. Facebook has a fine of up to 1 billion dollars. These scandals are still unclear, but Rohit Choppra, FTC director, posted on Twitter "I want answers."

In addition, the two senior heads of Facebook have been very pressing with unfounded claims about the constant censorship of high-tech companies in the West Coast. Rather, privacy advocates remain angry with previous privacy breaches. Its founders (Whatsapp and Instagram) have also left because of the company's management and power.

In the stock market, after the stock price rises, these events led its stock price to drop significantly in July and there was no sign of rebounding. It is insincere to imagine that the worries driving the reaction against Facebook are absolutely bipartisan; however, the system has tread well into a hazardous area and in case that it becomes aggressors accessed and abused delicate client information, it could be more terrible.

The company informed the user about it being compromised at the weekend but appeared with a message titled "An Important Security Update" posted at the top of the news board. There is information like the information sent directly to reporters.

With the silence throughout the weekend, Facebook is still gathering and researching data and how to publicize it. Sooner or later it will publish information about the violation.