Big Fines Under New EU Digital Services Act Law to Big Tech Giants
Do you Know big Fines Under New EU Digital Services Act Law to Big Tech Giants, the European Union will pass the Digital Services Act into law in an effort to reduce the threat of regulating illicit internet content.
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Therefore, a technological corporation would face serious consequences if it violated the law.
DIGITAL SERVICES ACT WILL BE HERE TO STAY
The Digital Services Act will primarily be implemented for large digital corporations to monitor misinformation, hate speech, and other harmful content that circulates on their platform. As a result, businesses would need to better regulate themselves while also making it simpler for people to report issues. The purpose of the new regulations is to safeguard internet users’ fundamental rights.
Any infraction could cost businesses up to 6% of their annual global revenues. To put things in perspective, if Amazon violates the Digital Services Act, they might be subject to a massive $28 billion penalties. Based on Amazon’s reported annual sales for 2021, this enormous sum was calculated. Additionally, if a business commits violations repeatedly,
It is important to note that the new Digital Services Act applies to all websites. Companies in the EU with more than 45 million users, however, will be subject to stricter regulations. Frances Haugen, a Facebook whistleblower, claimed that the Act will serve as the “global gold standard” for regulating social media firms.
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Before becoming effective later in the year, this measure must receive approval from at least 27 EU nations. Large companies will have four months to abide by the new law. Smaller businesses may, however, request an exemption from some regulations. Between big businesses and little businesses, every other company will have 15 months to follow the regulations.
Google, one of the major players in technology, has praised the goals of the new Digital Services Act. The business has ensured that it works with legislators to ensure that the law is applied equally to all.