The Federal Trade Commission (FTC) at this time formally confirmed that Facebook has agreed to pay a record-breaking $5 billion high-quality over privateness violations surrounding the Cambridge Analytica scandal.
Besides the multibillion-dollar penalty, the corporate has additionally accepted a 20-year-long settlement that enforces it to implement a brand new organizational framework designed to strengthen its knowledge privateness practices and insurance policies.
The settlement requires Facebook to make some main structural adjustments, as defined under, that may maintain the corporate accountable for the choices it makes about its customers’ privateness and info it collects on them.
“The order requires Facebook to restructure its approach to privacy from the corporate board-level down, and establishes strong new mechanisms to ensure that Facebook executives are accountable for the decisions they make about privacy and that those decisions are subject to meaningful oversight,” the FTC stated in a press launch.
According to the FTC, Facebook has repeatedly used misleading disclosures and settings to undermine its customers’ privateness preferences in violation of its 2012 FTC order that required the social media to acquire specific consent from…