We don’t need GDPR. We need sane penalties for data breaches caused by incompetence. The last thing Canada needs is to put ourselves at any more disadvantage with the US market.
The EU could fine a corporation with 10 billion turnover 10$ but they also could fine up to 200 million $. It doesn't mean they have to fine atleast 10 million once you're over the 2% switchover.
It's part of the calculation for the _maximum_ penalty, which is max(€20m, 4% of global turnover)
If they meant the opposite of that, then that's a really weird way to express it.
Intentional data breach is basically the business model where you sell private information without getting meaningful consent from your users. Do you think that is okay because you need that to stay competitive with US companies?