Meta Platforms Inc. Receives €91 Million Fine for 2019 Data Breach

Meta Platforms Inc. META, the tech giant known for connecting billions of individuals worldwide via social media and other communication platforms, has been hit with a substantial financial penalty over a major data breach incident. The fine amounts to €91 million ($101.5 million) and is imposed by the Data Protection Commission of Ireland (DPC). This punitive action is a consequence of a significant oversight in Meta's security protocols back in 2019.

The 2019 Data Breach Incident

In a startling lapse of data security, Meta Platforms Inc. reported that an internal review revealed that the company had stored the passwords of approximately 540 million users in plaintext. This negligence in handling sensitive information sparked concerns over user privacy and the ease with which unauthorized access to these credentials could occur. Further investigations found evidence that around 2,000 Meta employees queried this exposed data approximately 9 million times, compounding the severity of the breach.

Impact on Meta Platforms Inc.

The ramifications of this incident are substantial, both in terms of financial loss and reputational damage. The fine levied by the DPC reflects the seriousness with which data protection authorities view such lapses, especially from industry-leading corporations like Meta META. The fine is intended to underscore the necessity of adhering to strict data protection standards to safeguard user information.

Meta Platforms Inc., headquartered in Menlo Park, California, is known for developing innovative communication products and services. Despite this setback, the company continues to be a key player in the tech industry, offering platforms that streamline connectivity for friends, family, and businesses worldwide.

Meta, Fine, DataBreach