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Meta Data Fine: Reaction From Data Industry
Tim Bowes, Associate Director at the consultancy Dufrain, comments on the news that Meta is hit with record €1.2bn fine over EU-US data transfers:
“In a fitting lead up to the anniversary of GDPR, today’s record-breaking fine for Meta should signal to all companies that no-one is immune from regulatory scrutiny! It’s simply not enough for companies to consider themselves compliant where they are headquartered – the transfer of data to regions with different privacy laws needs due consideration and pleading ignorance or blaming how data is stored or used won’t fly.
“Aside from legal measures such as implementing standard contractual clauses, practical measures companies can take to avoid non-compliance include completing a stringent data audit to identify what personal data is collected, where it is stored and how it is used. It is equally vital that appropriate security measures such as encryption and regular audits take place to ensure ongoing compliance. Not only this, but companies need to make sure they have clear and transparent processes in place for obtaining valid consent from individuals for the collection and use of their personal data.”
Companies In This Post
- Real-Time Payments: Pre-Verification Helps, In-Flight Detection Matters Most | Part 6 | Bottomline Read more
- VeChain Flips dApps Playbook With Launch of VeFounder Read more
- BMLL Introduces Industry-first Trades Plus Dataset in Response to Key Client Challenge to Achieve Execution Analysis at Scale Read more
- Octopus Money Onboards New AI Assistants: Harry, Ron and Hermione Read more
- Revolut Adds Pay by Bank Option to Their Payment Gateway Read more
Octopus Money Onboards New AI Assistants: Harry, Ron and Hermione
Octopus Money has partnered with AI startup Ani Tech to cut the time spent on onboarding administration by 75%
Scalable Capital is Now a Bank
Scalable Capital has been granted full authorisation as a bank by the ECB
PensionBee’s Pension Landscape 2025: South-East Savers Outperform Other Regions, While Gender Gap Remains Widest Outside London
PensionBee, a leader in the consumer retirement market, has released its annual Pension Landscape for 2025
Hummingbird Introduces Unified Risk & Compliance Platform with New Solutions For Transaction & Risk Monitoring and Customer Screening
Hummingbird announced its unified platform for risk and compliance operations, bringing together the full risk and compliance lifecycle
ebankIT Named a Functionality Standout in Celent’s 2025 Report
CELENT recognized ebankIT for its robust feature set, cross-market flexibility, and proven innovation track record, positioning the platform among the strongest available to financial institutions in North America.
Equifax Launches International AI Innovation Lab in Ireland
Equifax has announced the opening of its state-of-the-art AI Innovation Lab at its operation in Wexford, Ireland, a new facility dedicated to advancing the company’s global artificial intelligence research and development.
More Than 8 in 10 UK SMEs Would Pay for Digital Company ID – CFIT Research
UK SMEs would be willing to pay for a Digital Company ID service, according to research commissioned by CFIT
Real-Time Payments: Pre-Verification Helps, In-Flight Detection Matters Most | Part 6 | Bottomline
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VeChain Flips dApps Playbook With Launch of VeFounder
VeChain, the leading real-world-application focused Layer 1, today announced the launch of the VeFounder Program, a first-of-its-kind initiative designed to revolutionize the dApps economy with a top-down approach to unlock untapped growth opportunities.
BMLL Introduces Industry-first Trades Plus Dataset in Response to Key Client Challenge to Achieve Execution Analysis at Scale
BMLL, the leading, independent provider of harmonised, historical Level 3, 2 and 1 data and analytics across global equity, ETFs, futures and options markets, today announced the launch of its Trades Plus dataset, a groundbreaking new product that delivers deep execution insights, designed in collaboration with top global trading firms.
Octopus Money Onboards New AI Assistants: Harry, Ron and Hermione
Octopus Money has partnered with AI startup Ani Tech to cut the time spent on onboarding administration by 75%
Revolut Adds Pay by Bank Option to Their Payment Gateway
Revolut has today announced the launch of Pay by Bank as an option on the Revolut Gateway
Scalable Capital is Now a Bank
Scalable Capital has been granted full authorisation as a bank by the ECB
Mastercard Survey: 90% of SMEs That Accept Digital Payments in Puerto Rico Report Significant Business Growth
Mastercard presented its new research on the use of digital payments by SMEs in Puerto Rico