We often make fun at stupid European regulations, like AI ones, but it is typically in such a case that it is useful. So to ensure that it could not happen when companies like that have such a monopoly that users have no power.
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I ask this in good faith, because my observation of the last few years is that the incidents still occur, with all of the harms to individuals also occurring. Then, after N number of incidents, the company pays a fine*, and the company does not necessarily make substantive changes. Superficial changes, but not always meaningful changes that would prevent future harms to individuals.
*Do these fines tend to be used to compensate the affected individuals? I am not educated on that detail, and would appreciate info from someone who is.
Regulations never prevent stuff happening. They offer recompense when they do. Laws don't either.
In terms of distribution of fines, it is rare.