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GDPR Fines Hit Nearly €100 Million in H1 2022

GDPR fines hit a total of €97.29 million in the first half of 2022, an increase of 92% over H1 2021.

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Data Centre - Investors King

The General Data Protection Regulation (GDPR) is a regulation in the EU that controls how all personal data on EU citizens is collected and processed. The legislation covers various privacy aspects, from cookies to monitoring employees in the workplace.

Worth noting that if a company outside of the EU gathers data from users inside the EU, it must adhere to the GDPR. Those who fail to comply with the GDPR requirements receive hefty fines.

An analysis by Atlas VPN reveals that GDPR fines hit a total of €97.29 million in the first half of 2022, an increase of 92% over H1 2021.

The data for the analysis is extracted from Enforcementtracker. Please note that not all penalties are made public. The chart below shows monthly GDPR fines for H1 2021 and H1 2022.

Companies and individuals were charged a total of €50.6 million in GDPR penalties in H1 2021. On the other hand, legal cases slightly decreased from 215 in 2021 to 205 in 2022.

In other words, even though the number of GDPR violations slightly decreased in 2022, the severity of those violations was considerably worse.

The most noticeable difference between 2021 and 2022 can be seen in February, where the total amount penalized differs by nearly €28 million.

On the other hand, there is a distinctive trend throughout both years – around 70% of fines happen throughout the first quarter.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Tesla CEO Elon Musk Given 22 Days Ultimatum by A U.S Court to Acquire Twitter

Following Elon Musk’s decision to opt-out of the $44 billion Twitter acquisition deal, a Delaware Court of Chancery in the United States has ordered the Tesla CEO to acquire the micro-blogging platform within 22 days.

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Twitter - Investor sking

Following Elon Musk’s decision to opt-out of the $44 billion Twitter acquisition deal, a Delaware Court of Chancery in the United States has ordered the Tesla CEO to acquire the micro-blogging platform within 22 days.

The judge presiding over the case made the order following Musk’s decision to proceed with the acquisition of the social networking company 12 days before the court trial on the lawsuit Twitter filed against him. 

Musk had earlier opted out of the Twitter deal where he accused the platform of thwarting his information rights by not providing enough data on fake accounts on the platform.

Musk claimed in a tweet that Twitter is “20% fake/spam accounts” and suggested Twitter’s filings with the Securities and Exchange Commission were misleading.  The company had earlier disclosed that only less than 5% of its daily active users are spam accounts.

However, the Tesla CEO wasn’t convinced by the number of bots accounts twitter claimed were on the platform. He, therefore, insisted that his acquisition of the social media company cannot move forward until he sees more information about the prevalence of spam accounts.

It should be recalled that on May 27, 2022 Investors King reported that

Twitter also displeased by Musk’s action filed a lawsuit in the Delaware Court of Chancery, urging him to complete his $44 billion takeover of the social media company where it accused him of “outlandish” and “bad faith” actions that have caused the platform irreparable harm and “wreaked havoc” on its stock price.

Recently, during a court hearing after the judge at the Delaware court had given Musk a 22 days ultimatum, he asked that Twitter drop the initial lawsuit scheduled for October 17, but the social media company insisted that it would keep the litigation alive until the deal was concluded.

Musk had made the request stating that the lawsuit should be stepped down to enable him to raise the needed capital for the acquisition ahead of the October 28 deadline.

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Fund Raising

Purple Elephant Ventures Has Raised $1 Million Seed Fund to Modernize Africa’s Travel Sector

Purple Elephant Ventures (PEV) has raised $1 million in pre-seed funding to boost innovation in Africa’s tourism.

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Purple Elephant Ventures

Kenyan-based venture studio with a focus on Tourism, Purple Elephant Ventures (PEV) has raised $1 million in pre-seed funding to boost innovation in Africa’s tourism.

The venture studio seeks to achieve this goal by building creative startups from scratch focused on leveraging technology to scale tourism, as it plans to build about four startups at the intersection of travel, climate, and technology, every year.

Investors who took part in this recent $1 million pre-seed funding round include Klister Credit Corporation, a Canadian investment firm, and The Untours Foundation.

Also Angel investors such as Fede Pirzio-Biroli, founder of Playfair Capital; Ian McCaig, former CEO of lastminute.com and M-Kopa board member, Anthony Rock, president of Rock Impact Capital; Rich Hoops, executive director at Impact Capital; Jim Villanueva, managing director of Global Partnerships Social Venture Fund, and Helena Riese Harstad, co-founder and chair of the Optimizer Foundation.

Speaking on the recent seed raised and the startup mission, Purple Elephant Ventures CEO Ben Peterson said, “I think what’s exciting for the team is all of the possibilities to digitize tourism for a greener future. And one of the great advantages of working in a studio is that we get to play around with new innovative ideas all the time.

“We have what we call ideation sessions, where we have very structured conversations around examining the tourism industry from the perspective of building businesses that will help reduce the carbon footprint of Africa’s tourism industry.”

He further disclosed that despite the uncertainty in the tourism sector during the Covid pandemic period, the Purple Elephant Ventures team did not slow down on its efforts, rather they went on to launch two startups during that period, which are Elephant Bookings, a software service (SaaS) product, and Nomad.Africa, a content-to-commerce magazine.

Purple Elephant Ventures seeks to enable startups in the tourism sector raise enough capital to facilitate sustainability, as well as have an online presence to aid global scale.

Founded in 2020, the company’s mission is To build a portfolio of innovative companies that unlock the unrivaled economic power of tourism to protect and grow Africa’s natural capital.

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Telecommunications

MTN Celebrates Customer Service Week by Gifting Subscribers Airtime Top-up

MTN is celebrating its customer service week by gifting Airtime top-ups to its loyal customers through engaging activities on all its social media platforms.

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MTN

Mobile telecommunications giant MTN is celebrating its customer service week by gifting Airtime top-ups to its loyal customers through engaging activities on all its social media platforms.

The telecommunications giant is celebrating this year’s edition with exciting activities which include online competitions, trivia quizzes, giveaways, and lots more.

To participate in the Customer Service Week activities, subscribers are required to follow all the company’s social media accounts where all activities and information for the week will be communicated, Investors King understands.

MTN’s theme for this year 2022 Customer Service Week is “No US without U” where it is appreciating the loyalty of its customers and partners of the brand for over 20 years of partnership and loyalty.

Customer Service Week is an international celebration of the importance of customer service and of the people who serve and support customers on a daily basis.

The goal of the event is to emphasize the importance of customer satisfaction and also listen to customers as critical components of building a business. During this week customers are given different types of packages, such as gifts, rewards, and other exciting offers.

Speaking on MTN’s “Customers Service Week” and its commitment to customers, the Chief Customer Service Officer Ugonwa Nwoye said “Our customers mean so much to us, they are the reason we are thriving for more than two decades. This is why we will continue to work tirelessly to ensure our customers stay happy and satisfied.”

Customer service has been described as a core means of building brand loyalty and encouraging customer satisfaction. According to Forbes, It is reported that around 70% of American customers report they’re willing to spend more money with companies that provide excellent service.

In other words, a company’s excellent customer service can be one of the most powerful customer retention tools they will have.

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