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A Washington Post report said the Federal Trade Commission was planning to impose a "record breaking" fine on Facebook for failing to protect users' data.
The information at the station came from three anonymous people familiar with the FTC's procedures. Shortly after the release of the report, Facebook's shares declined.
Facebook has been accused of giving access to user data without their consent to Cambridge Analytica, a British policy consultancy. The FTC opened an investigation against Facebook in March and the company has not yet suffered the consequences.
If we believe the Washington Post report, Facebook could be fined more than $ 22.5 million, the amount that Google paid in 2012 after FTC caught the search giant in violation of privacy policies. It was a record fine never imposed by the Federal Trade Commission.
The fine imposed by FTC on Facebook would be based on findings that the social media company violated the terms of the consent decree signed between the two parties in 2011 – when the consumer protection watchdog accused Facebook of data abuse.
The year 2018 has been a difficult year for Facebook with relentless reports of data leaks and internal turmoil between CEO Mark Zuckerberg and Facebook employees.
What do you think Facebook should do to protect user data? Tell us in the comments and keep visiting Fossbytes.com
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