Breaking News

ASRock Releases AM5 Motherboard BIOS Update EnGenius Brings Wi-Fi 7 to Small Businesses with Affordable ECW510 Access Point DJI to Showcase New Mic 3 and Full Product Portfolio at Berlin’s IFA MSI Unveils MAG 272QP QD-OLED X50 Monitor Sony completes its INZONE gaming gear range with new headsets and more

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

FTC Reached a $5 Billion Settlement With Facebook: report

FTC Reached a $5 Billion Settlement With Facebook: report

Enterprise & IT Jul 13,2019 0

The U.S. Federal Trade Commission reached a record-setting $5 billion settlement with Facebook this week, according to a Wall Street Journal report.

The settlement is the result of an investigation launched after the company’s 2018 Cambridge Analytica privacy scandal into whether Facebook violated a 2011 FTC consent decree that required the company to give customers clear notice and obtain expressed consent before sharing their information with third-party vendors.

The settlement would be FTC’s largest penalty to date against a tech company over privacy issues, a record formerly held by the $22.5 million settlement reached with Google in 2012.

Facebook declined to comment.

The reported settlement amount represents less than a quarter of Facebook’s annual profit and does not require Facebook to break up its other products, Instagram and WhatsApp. The company, which reported revenue of almost $56 billion in 2018, had set aside $3 billion in anticipation of the fine.

While the United States government spent months coming up with a punishment for Facebook’s long list of privacy-related bad behavior, the best it could do was so weak that Facebook’s stock price went up.

In March 2018, U.S. regulators opened an investigation into Facebook’s privacy practices after the social network admitted political ad targeting firm Cambridge Analytica acquired detailed personal information of more than 87 million Facebook users through an academic researcher. The incident sparked a global debate about Facebook’s privacy practices.

Elsewhere in the U.S., the Justice Department and the Securities and Exchange Commission opened investigations related to the Cambridge Analytica scandal. Separately, the attorney general for Washington, D.C., has sued Facebook, claiming it failed to safeguard users’ data. Other state attorneys general are also investigating.

Tags: facebookFTC
Previous Post
Hackers Stole $32m From Cryptocurrency Exchange Bitpoint
Next Post
Sony Launches World’s Fastest Smart Multifunction USB Hub with UHS-II SD/microSD Reader

Related Posts

  • EU Privacy Watchdog Accused of Delaying Probe Procedures Against Facebook

  • Zuckerberg Says Remote Work is Here to Stay

  • Facebook to Launch New Shopping Feature Across Apps

  • EU Tech Chief Demands More From Facebook Regarding Business Practices

  • Facebook Buys GIPHY as Part of Instagram Team

  • Facebook Works With Telecoms on 2Africa Subsea Cable for Future Internet Connectivity

  • Facebook Reports Increased Number of Removals of Hate speech, Terrorism

  • Facebook Users Accept $550 Million Privacy Deal Over Facebook's “Tag Suggestions”

Latest News

ASRock Releases AM5 Motherboard BIOS Update
PC components

ASRock Releases AM5 Motherboard BIOS Update

EnGenius Brings Wi-Fi 7 to Small Businesses with Affordable ECW510 Access Point
Enterprise & IT

EnGenius Brings Wi-Fi 7 to Small Businesses with Affordable ECW510 Access Point

DJI to Showcase New Mic 3 and Full Product Portfolio at Berlin’s IFA
Drones

DJI to Showcase New Mic 3 and Full Product Portfolio at Berlin’s IFA

MSI Unveils MAG 272QP QD-OLED X50 Monitor
Consumer Electronics

MSI Unveils MAG 272QP QD-OLED X50 Monitor

Sony completes its INZONE gaming gear range with new headsets and more
Consumer Electronics

Sony completes its INZONE gaming gear range with new headsets and more

Popular Reviews

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

be quiet! Light Loop 360mm

be quiet! Light Loop 360mm

be quiet! Light Mount Keyboard

be quiet! Light Mount Keyboard

Noctua NH-D15 G2

Noctua NH-D15 G2

Terramaster F8-SSD

Terramaster F8-SSD

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Soundpeats Pop Clip

Soundpeats Pop Clip

be quiet! Pure Base 501

be quiet! Pure Base 501

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed