Ofcom’s Online Safety Crackdown: Tech Giants Face Hefty Fines for Ignoring New Rules
Ofcom’s new guidance for tech firms under the Online Safety Act targets online harms like terror, fraud, and child abuse. Platforms have until March 2025 to assess risks, or face hefty fines. If tech companies fail to act, they might find themselves in a not-so-friendly chat with their bank accounts.
Hot Take:
Ofcom is putting the “act” in the Online Safety Act, and tech companies better act fast or face a fine that could make even the richest tech mogul cry into their Bitcoin wallets. It’s time to get serious about cleaning up the digital Wild West before it turns into a full-blown spaghetti western.
Key Points:
- Ofcom introduces new guidance under the Online Safety Act for tech firms to tackle online harms.
- Firms have until March 16, 2025, to complete illegal harms risk assessments.
- Non-compliance could lead to fines of up to £18m or 10% of annual income.
- The new codes of practice include measures like algorithm testing and dedicated fraud reporting channels.
- Ofcom is ready to enforce penalties for platforms that don’t comply with the new rules.
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