🧵 1. Irish DPC fines Meta €91m for storing user passwords in plaintext, breaching GDPR rules on data security and risking abuse of sensitive information. #fintech
🧵 1. Irish DPC fines Meta €91m for storing user passwords in plaintext, breaching GDPR rules on data security and risking abuse of sensitive information. #fintech
🧵 2. In 2023, Meta faced a €1.2bn fine for data transfer violations, and in 2022, a €265m penalty over a massive data breach affecting 533 million users.
🧵 3. Deputy Commissioner Graham Doyle emphasized the importance of not storing passwords in plaintext due to the significant risks of unauthorized access.
🧵 4. Meta notified Irish regulator in 2019 about password storage issue. No objections were raised to the €91m fine imposed for GDPR violation.
🧵 5. EU's data protection regulation mandates robust security measures for handling personal information, with Meta’s previous fines reinforcing the need for compliance.
🧵 Read more at: https://www.euronews.com/next/2024/09/27/meta-hit-with-91-million-fine-for-lax-password-safety