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UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined

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UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined

The General Data Protection Regulation (GDPR) continues causing hefty fines and penalties for businesses and organizations across European countries even two years after coming into force.

According to data presented by Buy Shares, the United Kingdom tops the list of the most expensive data breach penalties with €132.7 million in total value of GDPR fines, more than German and Italy combined.

Cumulative Value of GDPR Fines Hit €344 Million, a €119 Million Increase in 2020

The primary reason for such a high cumulative value of GDPR fines in the United Kingdom is the data breach penalty imposed by the UK’s data protection authority, ICO, to Marriott International. In November 2018, the American multinational company was fined with €110.4 million after reporting a cyber incident that exposed nearly 340 million guest records.

Last week, the ICO fined British Airways €22 million for failing to protect the personal and financial details of more than 400,000 of its customers, the second-largest GDPR fine in the United Kingdom. The penalty is considerably smaller than the €204.6 million that the ICO initially said it intended to issue back in 2019 after the Magecart group used card skimming to collect the personal and payment information of British Airways` customers.

Far below the United Kingdom, Germany ranked as the second-leading country in Europe with €61.6 million in the cumulative value of GDPR fines, revealed the GDPR Enforcement Tracker data. On October 1st, 2020, H&M Hennes & Mauritz Online Shop was fined with €35.2 million for the insufficient legal basis for data processing, the severest GDPR penalty in the country.

Italian data protection authority (Garante) imposed €57.3 million worth of GDPR fines so far, ranking in third place among European countries. On January 15th, 2020, telecommunications operator TIM was fined €27.8 million for unlawful data processing, non-compliant aggressive marketing strategy, and invalid collection of consents, the steepest penalty in Italy.

France ranked fourth among the European countries with €51.3 million worth of GDPR fines. Austria, Sweden, and Spain follow, with, €18 million, €7million, and €3.9 million, respectively.

Statistics indicate the cumulative value of GDPR fines and penalties hit over €344 million in October, with almost €119 million worth of new fines imposed in 2020.

Top Five GDPR Penalties Account for 70% of Cumulative Fine Value

Behind Marriott’s €110.4 million worth GDPR fine, Google holds second place on the list of the highest data breach penalties. The US tech giant was fined €50 million by France’s data protection regulator, CNIL, for not providing enough information to users about its data consent policies and control in using their data.

H&M Hennes & Mauritz Online Shop ranked third on this list with €35.2 million worth GDPR fine. Italian telecommunications operator TIM and British Airways round the top five list with €27.8 million and €22 million, respectively.

Statistics show the five biggest data breach penalties cost more than €245 million, or 70% of cumulative GDPR fine value.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Technology

SpaceX To Launch DOGe-1 Mission Next Year and Accept Dogecoin As Payment

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Elon Musk's SpaceX Raised $850 million at $74 billion valuation

Elon Musk’s SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022, with the company accepting the meme-inspired cryptocurrency as full payment for the lunar payload.

Geometric Energy Corporation announced the dogecoin-funded mission on Sunday, which SpaceX’s communications team confirmed in an email to reporters. The mission’s financial value was not disclosed.

DOGE-1 will fly a 40-kilogram cube satellite as a payload on a Falcon 9 rocket, with Geometric Energy Corporation saying its payload “will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”

SpaceX vice president of commercial sales Tom Ochinero said in a statement that DOGE-1 “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”

“We’re excited to launch DOGE-1 to the Moon!” Ochinero said.

Musk previously announced the company’s plans, albeit in a tweet on April Fool’s Day.

“SpaceX is going to put a literal Dogecoin on the literal moon,” Musk wrote.

The DOGE-1 mission comes after Musk, the self-proclaimed “Dogefather,” made his debut as host of “Saturday Night Live.” The price of dogecoin plunged during his appearance, falling below 50 cents, despite his references to the cryptocurrency.

For SpaceX, the announcement also comes on the day the company set a new record for its Falcon 9 series of rockets. After launching another batch of Starlink satellites into orbit, SpaceX landed the Falcon 9 rocket’s booster for the 10th time — a benchmark Musk has previously described as key in the company’s progress of reusing its rockets.

“It’s designed to do 10 or more flights with no refurbishment between each flight,” Musk told reporters in May 2018.

“We believe that the [Falcon 9] boosters are capable of on the order of at least 100 flights before being retired. Maybe more.”

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Twitter Legalize Giveaway, Introduces Tip Jar, A Feature Allowing Users to Send and Recieve Money

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Twitter on Thursday introduced Tip Jar, a new feature that makes it easy for users to send money to their favorite creators on the micro-blogging service.

“This is a first step in our work to create new ways for people to receive and show support on Twitter — with money,” the company said in a blog post.

Users will be able to connect their Twitter accounts with Tip Jar to Bandcamp, Cash App, Patreon, PayPal, or Venmo. Twitter will take no cut of money sent through the feature.

According to the company’s statement in a blog post, You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose. The services* you can add today include Bandcamp, Cash App, Patreon, PayPal and Venmo. Twitter takes no cut. On Android, tips can also be sent within Spaces.

Those who use Twitter in English on iOS and Android will be able to start sending money through Tip Jar on Thursday. Certain users will be able to add Tip Jar to their profiles to begin collecting tips. This includes creators, journalists, experts and nonprofits, Twitter said.

The new feature comes as part of a broader effort by the company to build more features at a faster clip in a push to grow Twitter’s user base to 315 million daily active users by the end of 2023. Earlier this week, the company also announced the launch of Spaces, a feature that allows users to join virtual rooms where they can engage in real-time audio conversations with others.

Tip Jar comes after a rough week for Twitter, which has seen its stock fall more than 17 percent since April 29, when the company reported its first-quarter earnings. In the report, the company missed on analysts’ user growth expectations and the company provided lower revenue guidance for the second quarter than expected.

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Uber To Introduce Uber Connect and Uber Hourly Service In Nigeria

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Uber, a ride-hailing giant, has said it is introducing two new services for the Nigerian market. The ride-hailing company, which also offers freight, courier and other transport services, said the two services, ‘Uber Connect’ and ‘Uber Hourly’, will be available for Nigeria customers in the next few months.

The company’s country manager, Tope Akinwumi, speaking about the new services, noted that the initiative emanated from the desire to bring innovativeness in solving the transportation needs of people.

Uber’s representative, further said: “We want to bring innovations designed to help people get anywhere and get anything as cities start to move again,” Tope Akinwumi, Uber’s country manager, said in an emailed statement on Tuesday.

“As we want to show our commitment to improving the lives of Nigerians, and more importantly, unlocking access to earning opportunities for drivers, we believe this announcement is a step in the right direction.”

Uber Hourly, which is already operating in several cities around the world, is an alternative to on-demand, point-to-point trips that will provide riders added convenience with no need to re-book their ride.

The Hourly will enable riders to book rides by the hour, providing them with a single driver for their entire journeys especially for riders who may need extra time to complete tasks, also availing drivers the opportunity to make more money.

“Hourly already launched in several cities around the world including Dar es Salaam and based on those insights and the warm reception from both riders and drivers, we’re excited to bring this to Nigeria.

“We built this feature for those moments when you anticipate you’ll need extra time getting things done, and so drivers can access a meaningful earnings opportunity while “locking in” an upfront time frame for the service provided,” Akinwumi said.

Uber Connect leverages Uber’s logistics technology and network to provide people with a quick and affordable way to send packages to friends and family using the Uber app.

Akinwumi explains, “The agility of our platform allows us to quickly adapt our products to meet the evolving needs of communities impacted by the health crisis while experimenting with new revenue streams and earning opportunities for drivers.”

Uber Connect is already available in Ghana, South Africa and Kenya, including other countries across the globe.

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