Think social media protects your data? Platforms have racked up $26 billion in privacy penalties since 2020
Social platforms have incurred over $26 billion in privacy fines and settlements globally since 2020.Meta platforms (Facebook and Instagram) accounted for $23.7 billion (91%) of all penalties.The US led enforcement with $20.9 billion in fines, followed by European regulators at $5.16 billion. Social media platforms thrive on personal data, but failing to protect it is proving exceptionally costly. Since 2020, the world’s top 10 social networks have accumulated more than $26 billion in privacy-related fines and regulatory settlements worldwide. According to a study published by cybersecurity firm Surfshark, the lion’s share of this astronomical financial penalty belongs to one parent company: Meta. Between Facebook and Instagram, Mark Zuckerberg’s tech empire is responsible for an overwhelming 91% of the worldwide total, racking up $23.7 billion in penalties. Meta dominates the penalty board Facebook alone accumulated $14.3 billion in penalties, while Instagram accounted for $9.4 billion. TikTok placed a distant third, tallying $1.6 billion in fines across global jurisdictions. […]
