Companies could face massive fines in 25 European Union countries if they mishandle citizens' personal information, under a new privacy law due to take effect in 2018.
New age restrictions will mean no more Facebook or other social media for European pre-teens.
Today, fines for violations of EU data protection rules are typically limited to a few tens of thousands of euros, or hundreds of thousands in exceptional cases. That's hardly enough to upset companies such as Facebook or Google, which both reported billions of dollars in net income last year.
From 2018, though, data protection authorities will be able to impose fines of up to 4 percent of a company's worldwide revenue for breaches of the new privacy rules approved by the European Parliament on Thursday afternoon. For Google, the fine itself could now be in the billions of dollars.
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