Facebook owner Meta Platforms was fined $1.3 billion by European Union regulators for sending user information to the U.S., a record privacy penalty for the bloc.
The ruling raises pressure on the U.S. government to complete a deal that would allow Meta and thousands of multinational companies to keep sending such information stateside. The size of the fine also underscores the increasing risks of running afoul of the European Union’s privacy rules as its enforcement tightens.
Tech companies have been especially vulnerable to regulatory scrutiny over European privacy concerns. That has only increased since European courts overturned in 2020 a previous, data-sharing deal between the U.S. and EU.
Most large international companies—not just tech firms—rely on a relatively free flow of data across the Atlantic, and the steep fine punctuates the risks companies of all stripes are taking without a new deal in place.... Read More: WSJ