What's going on?

On Tuesday, Uber � the ride-hailing company potentially worth $120 billion � was fined over $1 million for data breaches that affected European customers (tweet this).

What does this mean?

Uber was hacked in 2016 � with the names, phone numbers, and email addresses of 57 million customers compromised. But the company didn�t notify those affected � and instead paid the hackers $100,000 to keep quiet.


In September, the company agreed to pay a $148 million fine in the US for not telling people (and regulators) there that their data was compromised. Now, Europe is catching up. UK regulators on Tuesday fined Uber $500,000 for the three million Brits affected, and Dutch regulators fined it $700,000. The company can count itself lucky, though: if the data breach happened today, it�d be on the hook for 4% of its $7.5 billion global revenue, thanks to new European data privacy laws.

Why should I care?

For markets: Beware the regulator.

Regulatory scrutiny has battered Uber�s windscreen of late. In London, the company�s simultaneously arguing with the courts and its drivers about whether they�re freelancers or full employees entitled to benefits and holiday pay. That might all be for nothing: Uber�s current London license is probationary, subject to good behavior over the next year. Elsewhere, in August, New York announced a cap (albeit temporary) on new taxi licenses. With Uber reporting slowing revenue growth last quarter and loading up with more debt, the company will need to turn things around soon ��and avoid any more conflicts � in order to keep on feeding the meter.

For you personally: Prepare for tougher data laws.

Facebook�s leaky walls have prompted lawmakers at home and abroad to ponder whether tech companies can be trusted to self-police, or if new regulations are needed � the social media giant was slammed in Britain�s Parliament on Tuesday. More rules might hamstring firms� future growth, but would put more power into users� hands ��like Europe�s recent �right to erasure�.