Happy GDPR Day! Google, Facebook hit with $8.8 billion in lawsuits

Happy GDPR Day! Google, Facebook hit with $8.8 billion in lawsuits

It also addresses the export of personal data outside the European Union and EEA. Or maybe your friend posted something online about what GDPR means for online data protection. A violation of the rules of GDPR can leave a company vulnerable to a penalty of 4% of its previous year's global revenue or 20 million euros (23.4 million dollars), whichever is higher.

This is a crucial legal test of many new principles of GDPR - including informed consent, and proportionate data collection - and of the State's role as a big tech hub.

But it also includes entirely new mandates, such as the right to transfer data from one service provider to another and the right to restrict companies from using personal data.

While the GDPR applies to personal data of European Union citizens, the GDPR has sparked a change in privacy regulations across the world.

One European data privacy advocate, Max Schrems, has already filed lawsuits on Friday against Facebook and Google that demand almost $9 billion in fines between the two companies. Buyers are required to hand over their data or else own "a 1,000-euro brick" that they can't use, Schrems said.

These lawsuits aim to prevent larger companies from extorting users for more data than is strictly necessary.

Thanks to GDPR, you will also now have a much better insight into the astonishing amount of data companies hold on you.

The Verge reported that the two companies were hit "with a raft of lawsuits" accusing them of "coercing users into sharing personal data". A grace period given for companies to adjust their practices in order to comply with the new rules ended on May 25.

Why do USA companies have to comply with those rules, too? You can already request your data from Facebook, Google, Apple, Instagram and Microsoft.

All the cool services are getting data dumps - that little link you click somewhere in a settings menu that triggers the service to send you all the data it collects from you (and everything you've used it to do, theoretically).

The fact that Zuckerberg is now facing the music personally, rather than sending spokespeople, is probably a positive sign that pressure is rising on the company, he said. Facebook has an updated Privacy Checkup buried deep in its website.

Foreign banks with operations in Taiwan should easily be able to adjust to GDPR as they follow protocols set by their head offices, while domestic banks that do not have branches in Europe are still subject to GDPR if their business involve collecting personal data from residents in Europe, Koo said.

In the past couple of day, you must have bee bombarded by every app notifying you of the change in their privacy policy. However, how the new law should be interpreted has been argued by privacy advocates though regulators and analysts had expected complaints to be filed sequel to the introduction.

The activist group claims that people must accept that their data will be collected, distributed and used for personalized ads, otherwise, they are invited to delete their accounts.

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