About Time: FTC fines Facebook $5B, Adds Limited Oversight On Privacy

[rainman + 263]

Federal regulators have fined Facebook $5 billion for privacy violations and are instituting new oversight and restrictions on its business. But they are only holding CEO Mark Zuckerberg personally responsible in a limited fashion. The fine is the largest the Federal Trade Commission has levied on a tech company, though it won’t make much of a dent for a company that had nearly $56 billion in revenue last year. As part of the agency’s settlement with Facebook, Zuckerberg will have to personally certify his company’s compliance with its privacy programs. The FTC said that false certifications could expose him to civil or criminal penalties. Some experts had thought the FTC might fine Zuckerberg directly or seriously limit his authority over the company. “The magnitude of the $5 billion penalty and sweeping conduct relief are unprecedented in the history of the FTC,” Joe Simons, the chairman of the FTC, said in a statement. He added that the new restrictions are designed “to change Facebook’s entire privacy culture to decrease the likelihood of continued violations.”

[joze44 + 39]

Since my information was compromised, how much should I expect?😁

[Pavel + 384]

Hoping this will have an impact...

[pinto + 293]

The question is the fine is going to where? Does it go to the people of privacy violation? Of course, not to victims

[50 shades of black + 254]

3 minutes ago, joze44 said:

Since my information was compromised, how much should I expect?😁

If you want privacy don't use FB. Pretty simple.

[francoba + 93]

So what? Head will stay in the sand... Until new fine..

[BALBOA + 37]

Though fined a fraction of its revenues, FB doesn't have to admit wrongdoing or take meaningful action... No FB official held to account...

[joze44 + 39]

Zuckerberg writes :

"We've formally reached a settlement with the Federal Trade Commission about privacy. We've agreed to pay a historic fine, but even more important, we're going to make some major structural changes to how we build products and run this company"

C'mon... hypocrisy and pathetic.

[Ward Smith + 6,615]

In related news the government has already earmarked the entirety of the fine for a new program code named Velociraptor to gather intelligence on all its citizens under the NSA. An unnamed govt bureaucrat intoned, "Real data analytics and surveillance needs to stay with the experts, we can't have these amateur companies out there muddling around in this".

[Jan van Eck + 7,558]

21 minutes ago, Ward Smith said:

In related news the government has already earmarked the entirety of the fine for a new program code named Velociraptor to gather intelligence on all its citizens under the NSA

Ward, I have to conclude that the entirety of your post is pure satire.  To believe otherwise would be totally crushing!

[specinho + 439]

1 hour ago, rainman said:

Federal regulators have fined Facebook $5 billion for privacy violations and are instituting new oversight and restrictions on its business.

 

1 hour ago, pinto said:

The question is the fine is going to where? Does it go to the people of privacy violation? Of course, not to victims

 

24 minutes ago, Jan van Eck said:

Ward, I have to conclude that the entirety of your post is pure satire.  To believe otherwise would be totally crushing!

 

Edited July 24, 2019 by specinho

[Enthalpic + 1,496]

6 hours ago, Ward Smith said:

In related news the government has already earmarked the entirety of the fine for a new program code named Velociraptor to gather intelligence on [EVERYONE]. An unnamed govt bureaucrat intoned, "Real data analytics and surveillance needs to stay with the experts, we can't have these amateur companies out there muddling around in this".

Fixed.

Privacy is long dead, especially if you use a smart phone.

Shh... they are listening.

Edited July 24, 2019 by Enthalpic