The EU is planning to issue a notice against the tech giants to keep a watch on the fake accounts and content posted on its online network or else the companies will liable for a large financial penalty. Reuters reported this on the basis of in-house data.
The official papers commanded endorsers to acquire, strengthen, and execute comprehensible clauses with respect to the forbidden spam actions and exercises happening on their platforms. The EU ordered this after seeing the report on the TTP employed by harmful actors.
These harmful actors include pictures and videos disrupted using artificial intelligence (deepfakes) and some spam accounts.
This official paper is an upgraded version of the discretionary governing law on disinformation first issued in 2018. As per reports, this new version of the law will make the previous code a co-regulation scheme forcing both government and endorsers to take equal responsibility for it.
This new code will also enforce the tech giants to share basic information with every country to help them battle misrepresentation on the internet. It will require the companies to reveal the measures being taken under them to discard and block malicious content on their platforms.
There are 30 endorsers in the list of the European Union which includes many tech giants like Meta, Google, Microsoft, etc.
The social media companies and other online networks will now have to do a more satisfactory task of letting the users know about factual sources.
This new law will come into force via the Digital Services Act of 2022 and the corporations found at fault to obey the law will have to face a financial penalty of up to 6% of their gross revenue worldwide. For the tech giants like Meta and Google, this financial penalty might amount to several billion dollars considering their previous year’s gross revenue.
The EU’s vice president for values and transparency said that it is understandable that these big corporations will not be able to mend the damage caused over entire Europe at once so they are required to show their measures of battling misrepresentation in one country after another.
It is believed that the European Union took this step after the regulators in different parts of the world have shown their concern about the impact of these giants on their consumers.
The association accepted to pass this new law in April. It is called the Digital Services Act.