Facebook could potentially face $1.63 billion fine over data breach

Facebook could be slapped with a $1.63 billion fine.

It's related to Friday's announcement that hackers compromised the accounts of more than 50 million Facebook users.

Ireland's Data Protection Commission, which is Facebook's lead privacy regulator in Europe, is considering levying the fine if regulators find Facebook violated the European Union's new privacy law.

The law requires companies to notify regulators of breaches within 72 hours.

This breach was discovered on Tuesday, but not reported until Friday.

Facebook pledged Sunday morning to cooperate with the investigation.

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