The European Union’s top privacy regulator fined social media giant Meta (NASDAQ:META) 91 million euros ($101.5 million) on Friday for inadvertently storing some users’ passwords unprotected or encryption.
The investigation began five years ago after Meta informed the Irish Data Protection Commission (DPC) that it had stored some passwords in “plain text”. Meta then publicly acknowledged the incident and DPC stated that the passwords had not been made available to outside parties.
“It is widely accepted that user passwords should not be stored in plain text, given the risks of abuse arising from individuals accessing such data,” Irish DPC Deputy Commissioner Graham Doyle said in a statement.
A Meta spokesperson said the company took immediate steps to fix the bug after it was discovered during a security review in 2019, and that there is no evidence that passwords were misused or improperly accessed.
Meta has cooperated constructively with the DPC throughout the investigation, the spokesman added in a statement on Friday.
The DPC is the lead EU regulator for most of the leading US internet companies due to the location of their EU operations in the country.
It has so far fined Meta a total of €2.5 billion for breaches under the bloc’s General Data Protection Regulation (GDPR), enacted in 2018, including a record fine of €1.2 billion in 2023, against which Meta has appealed.
(1 dollar = 0.8966 euros)
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Reference;
Reuters (2024) EU privacy regulator fines Meta 91 million euros over password storage By Reuters, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/eu-privacy-regulator-fines-meta-91-million-euros-over-password-storage-3635867 (Accessed: 27 September 2024).
