Markets had already delivered their verdict before the European Union's data privacy watchdogs could express outrage towards Facebook Inc.
And while the social media giant is lost as much as US $ 60bil (RM234.60bil) in value earlier this week, Facebook is set to dodge tough new EU law even if any violations in the Cambridge Analytica scandal are proven, EU Justice Commissioner Vera Jourova said in an interview with Bloomberg TV from Washington.
The new EU rules in place of May 25 will enable national regulators to “impose much higher sanctions, which can not be applied in this current case, because there's no retro-activity possible,” Jourova said.
Fining powers currently vary from state to state, with possible sanctions in the UK, where the regulator is investigating, capped at £ 500,000 (RM2.76mil). The new rules can lead to fines as much as 4% of global annual sales.
In the meantime, the EU authorities will investigate “Bloomberg Markets with Vonnie Quinn and Mark Barton.
Regulators are examining the vast swatches of data that have been obtained by Cambridge Analytica after it was obtained from a researcher who shared the data without the social network's permission. According to the published news reports, Cambridge University researcher Aleksandr Kogan created a personality-analysis app that was used by 270,000 Facebook users, who in turn gave the permission to access data on themselves and their friends, ultimately exposing a network of 50 million.
Jourova said she was trying to meet with Facebook to ask “serious questions, especially on how could they have happened, whether they had neglected the privacy rules, whether they were careful enough.” She and met with the US Federal Trade Commission, which is said to be of an investigation.
In the tweet after the Wednesday meeting, Jourova said she had met with FTC Commissioner Terrell McSweeny and “was reassured that they take all the allegations on the #Facebook scandal seriously.”
EU privacy watchdogs on Wednesday, the British regulator, which is the leading of the probes in the British-based Cambridge Analytica, is seeking a warrant to search the firm, said… process of office.
“Jourova told Bloomberg TV.” I'm not happy at all about this case. “This will serve as a precedent for the future.”
Leaders from the 28-nation bloc will discuss the matter at the same time. Jourova said this is happening on the request of French President Emmanuel Macron.
Despite strong words by EU authorities in the last few days, they are currently in the process of losing money in the billions of dollars. It's a David versus Goliath scenario, where they often have to rely on the local courts to take action in dragged-out procedures.
This will only change at the end of May, when the new EU privacy rules kick in across all member nations. Serious violations can be from then on be punished with massive fines, and even US companies that use or process EU user-data will be covered.
Cambridge Analytica has said that it has been in contact with the UK Information Commissioner Elizabeth Denham's office since last year and remains “committed to helping the ICO and all other concerned organizations in their investigations.”
the issue of the day, that it was “moving aggressively to determine the accuracy of these claims. We are committed to vigorously enforcing our policies to protect people's information. “
Facebook chief executive officer Mark Zuckerberg. In Europe too, he's been invited to the European and UK Parliaments.
Speaking from the US, Jourova said the allegations.
“People I think in America should be more attentive about what's happening to their privacy,” she said. “When you look at the list of things that were monitored in the case of every individual, the people are totally naked. It's amazing. “
Jourova said she had worked with Facebook before and has” always had a sense of their social responsibility, “but Bloomberg