Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Finance > EU privacy regulator fines Meta 251 million euros for 2018 breach
    Finance

    EU privacy regulator fines Meta 251 million euros for 2018 breach

    Published by Uma Rajagopal

    Posted on December 18, 2024

    2 min read

    Last updated: January 28, 2026

    This image illustrates the EU's decision to impose a 251 million euro fine on Meta for a significant 2018 data breach impacting 29 million users, highlighting ongoing privacy issues in the finance sector.
    EU privacy regulator fines Meta 251 million euros for 2018 Facebook breach - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:cybersecurity

    Quick Summary

    DUBLIN (Reuters) -The lead European Union data privacy regulator for Meta fined the social media giant 251 million euros ($263.5 million) on Tuesday for a 2018 Facebook security breach that affected 29 million users.

    DUBLIN (Reuters) -The lead European Union data privacy regulator for Meta fined the social media giant 251 million euros ($263.5 million) on Tuesday for a 2018 Facebook security breach that affected 29 million users.

    Meta notified Ireland’s Data Protection Commission at the time that cyber attackers had exploited a vulnerability in Facebook’s code that impacted the “View As” feature that lets users see what their own profile looks like to someone else.

    That led to a breach in personal data including users’ full name, contact details, location, place of work, date of birth, religion, gender and their children’s personal data, the DPC said.

    “By allowing unauthorised exposure of profile information, the vulnerabilities behind this breach caused a grave risk of misuse of these types of data,” DPC Deputy Commissioner Graham Doyle said in a statement.

    Meta remedied the breach shortly after its discovery, the DPC said. Of the 29 million Facebook accounts impacted globally, about 3 million were based in the EU and European Economic Area.

    The DPC is the lead EU regulator for most of the top U.S. internet firms due to the location of their EU operations in Ireland.

    It has so far fined Meta almost 3 billion euros for breaches under the bloc’s General Data Protection Regulation (GDPR) introduced in 2018, including a record 1.2 billion euro fine in 2023 that Meta is appealing.

    Meta said it will also appeal Tuesday’s decision and that it has a wide range of measures in place to protect users across its platforms.

    “We took immediate action to fix the problem as soon as it was identified, and we proactively informed people impacted as well as the Irish Data Protection Commission,” a spokesperson for Meta said in a statement.

    ($1 = 0.9527 euros)

    (Reporting by Padraic Halpin; Editing by Sachin Ravikumar and Jan Harvey)

    Frequently Asked Questions about EU privacy regulator fines Meta 251 million euros for 2018 breach

    1What is a data breach?

    A data breach occurs when unauthorized individuals gain access to sensitive information, often leading to the exposure of personal data.

    2What is the General Data Protection Regulation (GDPR)?

    GDPR is a comprehensive data protection law in the EU that governs how personal data is processed and stored, ensuring individuals' privacy rights.

    3What is a cybersecurity vulnerability?

    A cybersecurity vulnerability is a weakness in a system that can be exploited by attackers to gain unauthorized access or cause harm.

    4What is personal data?

    Personal data refers to any information that relates to an identified or identifiable individual, including names, contact details, and demographic information.

    5What is the role of a data protection regulator?

    A data protection regulator oversees compliance with data protection laws, ensuring organizations handle personal data responsibly and protect individuals' rights.

    More from Finance

    Explore more articles in the Finance category

    Image for French miner Eramet's finance chief steps aside temporarily, days after CEO ouster
    French miner Eramet's finance chief steps aside temporarily, days after CEO ouster
    Image for Ukraine's Zelenskiy calls for faster action on air defence, repairs to grid
    Ukraine's Zelenskiy calls for faster action on air defence, repairs to grid
    Image for Goldman Sachs teams up with Anthropic to automate banking tasks with AI agents, CNBC reports
    Goldman Sachs teams up with Anthropic to automate banking tasks with AI agents, CNBC reports
    Image for Analysis-Hims' $49 weight-loss pill rattles investor case for cash-pay obesity market
    Analysis-Hims' $49 weight-loss pill rattles investor case for cash-pay obesity market
    Image for Analysis-Glencore to focus on short-term disposals as Rio deal remains elusive
    Analysis-Glencore to focus on short-term disposals as Rio deal remains elusive
    Image for Belgium's Agomab Therapeutics valued at $716 million as shares fall in Nasdaq debut
    Belgium's Agomab Therapeutics valued at $716 million as shares fall in Nasdaq debut
    Image for Big Tech's quarter in four charts: AI splurge and cloud growth
    Big Tech's quarter in four charts: AI splurge and cloud growth
    Image for EU hikes tariffs on Chinese ceramics to 79% to counter dumping 
    EU hikes tariffs on Chinese ceramics to 79% to counter dumping 
    Image for AI trade splinters as investors get more selective
    AI trade splinters as investors get more selective
    Image for EU extends tariff suspension on $109.8 billion of US imports for six months
    EU extends tariff suspension on $109.8 billion of US imports for six months
    Image for Dog food maker Ollie acquired by Spain’s Agrolimen
    Dog food maker Ollie acquired by Spain’s Agrolimen
    Image for Salzgitter to take over HKM steel joint venture, end clash with Thyssenkrupp
    Salzgitter to take over HKM steel joint venture, end clash with Thyssenkrupp
    View All Finance Posts
    Previous Finance PostMorning Bid: Fed looms and Europe gets inflation data
    Next Finance PostExperts on Honda and Nissan's talks to deepen ties