11 Jul Facebook receives maximum fine over Cambridge Analytical scandal
The fine was levied by the United Kingdom’s data watchdog, the Information Commissioner’s Office (ICO), reports CNBC. The ICO fined Facebook because they said the company failed to safeguard users’ data and it also was not transparent about how user data was harvested by others. But though the company received the maximum fine allowable by law–it was only £500,000 (about $660,000). As Business Insider points out, Facebook makes around $37,037 a minute, meaning it will take the social media giant just 18 minutes to earn enough to pay off its fine.
Source: Fast Company