Facebook to pay record R70-billion fine for years of privacy violations

Bradley Prior

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Facebook to pay record R70-billion fine for years of privacy violations

Facebook Inc. agreed to pay a record R70 billion ($5 billion) to resolve a U.S. investigation into years of privacy violations, a settlement that increases the board of directors’ responsibility for protecting users’ data while changing little about the company’s lucrative advertising business.

The agreement, announced Wednesday by the Federal Trade Commission, will for the first time end Chief Executive Officer Mark Zuckerberg’s final authority over privacy decisions, creating an independent privacy committee of directors on the company’s board, according to an FTC statement. [Bloomberg]
 

Thor

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Facebook gets slammed with a $5 billion fine.


Facebook makes a pure profit of $2.4 billion per quarter. (roughly $10 billion per year in pure profits.)

in other words this is less than a slap on the wrist
 
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Thor

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AND It doesn't fix the incentives causing these repeat privacy abuses. It doesn't stop fb from engaging in surveillance or integrating platforms. There are no restrictions on data harvesting tactics -- just paperwork. fb gets to sign off on what’s acceptable.
 
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Thor

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Cambridge Analytica’s tactics of profiling and targeting users were a small-scale reflection of Facebook’s own practices. Notably, the FTC is holding individuals from Cambridge Analytica accountable for misconduct. Not so for Facebook.
 
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