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Answer: 4% of annual global turnover or €20 million, whichever is higher
The GDPR enforces strict penalties for non-compliance, with the highest possible fine being 4% of the organization's annual global turnover or €20 million, whichever amount is greater. This serves as a powerful motivator for companies to adhere to data protection and privacy regulations, especially in cases of severe violations affecting a large number of individuals.
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In the context of the General Data Protection Regulation (GDPR), a multinational corporation is found to be in severe violation of data protection principles, leading to a significant breach affecting millions of EU citizens' personal data. The corporation has an annual global turnover of €500 million. Considering the GDPR's enforcement mechanisms and the need to ensure compliance while balancing the corporation's ability to operate, what is the maximum fine that can be imposed under such circumstances? Choose the best option.
A
6% of annual global turnover or €30 million, whichever is higher
B
4% of annual global turnover or €20 million, whichever is higher
C
2% of annual global turnover or €10 million, whichever is higher
D
10% of annual global turnover or €50 million, whichever is higher