Expert comment: Ireland’s DPC fines Meta $265m
November 2022 by John Stevenson, Product Director, Cyren
In light of the news that Ireland’s Data Protection Commission (DPC) has fined Meta $265m for a data breach that affected millions of Facebook users last year, the comment from John Stevenson, Product Director, Cyren. John speaks about the positive change that fines like this will hopefully facilitate.
“Every single one of the 533m Facebooks users whose information was published on hacking forums faced potential follow-up phishing scams exploiting their exposed PII in the pursuit of more valuable credentials.
So, whilst the initial data leak was back in 2021, it’s nonetheless encouraging to see fines being issued retrospectively. Hopefully the consequences here will encourage other enterprises to comply to cyber regulations and follow best practices to avoid a mercenary penalty in future, particularly given cyber insurers increasingly setting a higher bar for due diligence to avoid extortionate pay outs like this one.”