this post was submitted on 24 Jan 2024
516 points (98.9% liked)
Technology
59232 readers
3365 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Which if my math is correct, at an average US household income of $75k that is equivalent to a whopping $30.
As always, when the fine is less than the extra profits earned by breaking the law that's just the cost of doing business. Until these fines are like 10x+ the extra profits earned this is going to be the normal.
I've always advocated for fines to be assessed as a percentage of global annual revenue.
"Oh, your global revenue was $100B? That will be $1b please."
EU takes 10% of the profits if rules like GDPR and other Digital acts are breached.
But only at the first offence. The second time they take 20%.
its €10M or 2% turnover whichever is higher, doubling for more sever infringements. Fining based on turnover is the way to go as it eliminates wriggling out of fines and makes them hurt.
The fines need to be large enough to upset the shareholders if they are going to have any effect.
I'd say that the board members also have to have some personal liability (criminal of course, but also limited financial liability and a temporary or permanent ban on serving on any board or executive (legally responsible) position, depending on circumstances. Incentives must be aligned, and not something that they can justify as a cost of doing business.