EU leaders on Thursday urged social networks to guarantee transparent practices and fully protect personal information as pressure piled on Facebook after allegations that data from 50 million of its users was mishandled.
More than $50 billion has been wiped off Facebook’s market value on reports that British political consultancy Cambridge Analytica improperly accessed data to build profiles on American voters and influence the 2016 presidential election.
EU plans tougher consumer laws for Facebook, Gmail
The European Union is planning to apply tougher consumer laws to social media networks and email providers like Facebook and Google’s Gmail as scrutiny of data protection grows in the wake of an outcry over Facebook’s handling of data.
Under the draft proposal first considered last year, authorities could levy fines of at least 4 percent of turnover. Currently, EU consumer authorities can only levy small fines and some lack power to sanction companies at all for breaking consumer law.