It does, mostly. Fines go up to 4% or global revenue (not profits, revenue!) for large companies. The thing is, those fines are reserved only for the worst cases, and not even Facebook has managed to be bad enough to get fined for the full 4%.
In theory a GDPR fine for a megacorporation could be tens of billions of euros. In practice it’s hard to prove to the judge that a company deserves a fine that high.
Wish GDPR had the same kind of teeth.
It does, mostly. Fines go up to 4% or global revenue (not profits, revenue!) for large companies. The thing is, those fines are reserved only for the worst cases, and not even Facebook has managed to be bad enough to get fined for the full 4%.
In theory a GDPR fine for a megacorporation could be tens of billions of euros. In practice it’s hard to prove to the judge that a company deserves a fine that high.