> Remember the multiple times tech companies have been fined for failing to "protect privacy"?
I can recall one or two exceptional cases,and the fines were relatively small,
amounting to a slap on the wrist.
For example for the 2017 Equifax breach, after 2 years, the total cost of the settlement included $300 million to a fund for victim compensation, $175 million to the states and territories in the agreement, and $100 million to the CFPB in fines. In the UK, the Financial Conduct Authority imposed a financial penalty of £11,164,400[1]
Equifax's revenue in 2017 was $3.362B.
In 2019, after Equifax agreed to the above settlement, revenue was up to $3.508B. Equifax revenue for the twelve months ending September 30, 2024 was $5.588B, a 8.79% increase year-over-year.[2]
1 https://en.wikipedia.org/wiki/2017_Equifax_data_breach#Litig...
2. https://www.macrotrends.net/stocks/charts/EFX/equifax/revenu...