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Meta fined $102 million for storing passwords in plain text
(www.engadget.com)
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this post was submitted on 27 Sep 2024
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102 million is a major fine for you. For meta that's less than 1% of their last quarter (which was 13 billion net income).
If you make $50k/yr after taxes, the equivalent fine would be on the order of about $120.
Where I'm from, that's a speeding ticket.
Wow you have very forgiving traffic laws where you're from. $190 for rolling through a stop sign here.
I've been told we have state senators who openly claim to only be there to keep speeding tickets low.
And thats is all this is, it isnt for war profiteering it is for poor practices, sure it could be more but people really lose sight of things when it comes to fining these companies.
The fines for targetting children with damaging content or promoting harmful posts should be way more than this and than they are but this isnt an action they directly profitted from it was a lazy and harmful missing of the required mark.
Im not this invested in defending meta but 102 million is a lot for one country to fine one company. Ireland fined the company nearly 1% of their global net for one issue.
You’re so totally wrong. Storing passwords in plaintext is such a dangerous, obviously wrong mistake that it can only be considered wanton disregard for the safety and the security of your users, and it should carry the equivalent of a life-in-prison sentence for the corporation which breaks that rule. Not only should the company be completely fucking destroyed over this but the CEO should be criminally liable.
The legal system does not take corporate crimes seriously at all. Perhaps it’s time to take justice into our own hands.
That's not an entirely accurate representation, because after taxes you still use that money for housing and food and transportation etc. In business terms that 50k would still contain operating costs. So that $120 might still seem a lot.
That 50k a year should be extra money, the money left in your pocket after taxes, housing, groceries, other necessities and debts are paid off. That would give an accurate representation of how insignificant a $120 ticket would be.
That's the thing, though. I computed from the claimed figure above of 13 billion net income. The costs are already accounted for.
It's the points on the licence that really matters for speeding though in my country. When they accumulate enough points they get banned from driving for a period like a year or maybe more.
I hope this applies to meta. I'm pretty sure it doesn't though.
To put it into perspective, the fine was 0.8% of that net income.