Research shows fines on Big Tech are nowhere near large enough

30/08/2023 | City A.M.

New research reveals that major technology companies such as Google, Apple, Microsoft, Amazon, and Meta have been fined a total of $2.34bn (£1.85bn) this year for various violations. However, despite significant fines, these tech giants recovered in less than a week, with six days and five hours' worth of revenues being all it took to pay off the penalties, according to research from Proton.

Google's parent company, Alphabet, paid off a €2m (£1.7m) fine from France in just four minutes, while Meta, owned by Mark Zuckerberg, faced the largest fine this year, with EU regulators imposing a $1.3bn (£1bn) penalty for GDPR violations. Based on their annual revenues, it only took them four days to pay it off. Proton's research indicates that violations of regulations should have more severe consequences and higher penalties.

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