Amazon is pushing back against a European data privacy regulator that slapped the tech giant with a $887 million fine (746 million euros) and demanded they enact “practice revisions” earlier this month.
“Maintaining the security of our customers’ information and their trust are top priorities,” an Amazon spokesperson said in a statement to TheWrap Friday. “There has been no data breach, and no customer data has been exposed to any third party. These facts are undisputed. We strongly disagree with the CNPD’s ruling, and we intend to appeal. The decision relating to how we show customers relevant advertising relies on subjective and untested interpretations of European privacy law, and the proposed fine is entirely out of proportion with even that interpretation.”
Amazon disclosed the fine in an SEC filing Friday, writing: “On July 16, 2021, the Luxembourg National Commission for Data Protection (the “CNPD”) issued a decision against Amazon Europe Core S.à r.l. claiming that Amazon’s processing of personal data did not comply with the EU General Data Protection Regulation. The decision imposes a fine of €746 million and corresponding practice revisions. We believe the CNPD’s decision to be without merit and intend to defend ourselves vigorously in this matter.”
Under the the EU’s General Data Protection Regulation, watchdogs like CNPD are authorized to fine companies as much as 4% of their annual global revenue.
CNPD declined request for comment Friday, citing “confidentiality requirements” which they are “bound” by so as not to “jeopardize legal proceedings.”
Amazon reported Thursday it had another $100 billion quarter in Q2 of this year, surpassing Wall Street’s projections on an earnings-per-share basis but narrowly missing on revenue targets. This was the final quarter under CEO Jeff Bezos, with Andy Jassy taking over that role on July 5.
Amazon’s stock was down more than 5% in after hours trading Thursday, shortly after the earnings were released.
Read original story Amazon Slams $887 Million Fine by European Data Privacy Regulator as ‘Entirely Out of Proportion’ At TheWrap