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Comment by Tade0 | Hacker News Reader

Maybe liability for private information loss could be $10k a user.

Or maybe up to 4% of the company's revenue.

Up to 4% of the company's revenue doesn't solve much. Depending on the sector, 4% of revenue (are we talking EBITDA?) may potentially be less than a slap on the wrist, and internally middle-management will take the blame for the reduction in sales margin/operating profit.

The above comment is almost certainly a reference to GDPR, for which the maximum penalty for malicious non-compliance is "up to 4 % of the total worldwide annual turnover." It is not net income or profit or EBIDTA or anything else that subtracts operating cost, it is revenue.

Parent said revenue, not EBITDA.

Strange how anti-GDPR HN is... Until something like this happens.

It's almost like this is a disparate community of people with widely varying opinions on a rather important and controversial implementation...

How does GDPR help with this situation? It is unclear to me.

This is what GDPR is for AFAIK.

IMO all the cookie warnings we see are just misguided attempts to ignore it and continue more or less like before and should probably not save anyone in court, again if I've understood it correctly.

4%? That just means worker bees won't be getting a raise this year.

If they can keep the worker bees without giving them a raise, why do they?

Up to 4%? Wouldn't that simply be considered cost of business for some corporations? Pay less in security, etc. and just consider the 4% a smaller tax of sorts?

It is highly unlikely that the chairman and ceo of any corporation that was found guilty under GDPR and had to pay 4% would survive.

Few bank CEOs have survived the various "we will get some payback for 2008" fines over the years.

If you want to change corporate culture, you don't need to destroy the company, just hold a gun to the head of each CEO and see how fast they make sure everyone else dances.

This is one of the best things about Sarbane-Oxley - the CEO actually signs off the accounts and will go to jail if the accounts are misleading. so guess what has had top priority at banks across the globe?

Sorry I meant to add per case, as it is in GDPR.

I see, thank you for the clarification.

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