In the digital age of targeted ads, search history analysis, and multifactor authentication, the matter of data security becomes relevant as never before. Every day, we use different platforms and services on the Internet, enter our personal data including name, phone, address, email, bank credentials, etc, for performing our job, chatting on social media and purchasing products.
The unstoppable process of data sharing and use stimulated the governments from different countries to initiate laws that would control the overall process of collecting and use of personal information. Today we'll talk about one of the most confusing yet critical EU compliances that have already affected hundreds of thousands of US companies – GDPR or General Data Protection Regulation. This law concerns all the companies that use the private information of data subjects located in the European Union.
According to Finbold's statistics
, the EU GDPR fines for 2021 Q3 hit €984.47 million – almost 20 times higher compared to Q1 and Q2, and around x3 times higher than across the entire 2020. The GDPR fine analysis indicates that the companies from the telecommunication and tech industries have suffered the most, but what about the American organizations? Let's now analyze the top 9 highest fines for the US companies issued by European GDPR.