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US regulators on Friday welcomed a “historic” USD 5 billion settlement with Facebook over data privacy as the social media said it turned out already implementing the provisions of the offer.
The deal in the middle of your leading social media and the united states Federal Trade Commission became official with the approval Thursday of a federal judge.
Alongside the fine, the settlement announced last July requires Facebook to wind up privacy protections; provide detailed quarterly reports on compliance with the offer, and also have an unbiased oversight board.
Some privacy activists had challenged the offer claiming it let off Facebook too easy following Cambridge Analytica scandal that allowed the hijacking of personal data of an incredible number of users prior to the 2016 US presidential election.
FTC chairman Joe Simons said in a statement he was “pleased” with the court approval, pointing out it had been the major monetary penalty ever obtained by consumer protection agency.
“Aswell, the court also highlights that the conduct relief one of these settlement will demand Facebook ‘to consider privacy at every stage of its functions and offer substantially more transparency and accountability because of its executives’ privacy-related decisions,” Simons said.
The agreement goes beyond measures required by US law and really should “serve as a roadmap for more comprehensive privacy regulation,” Facebook chief privacy officer Michel Protti said in a weblog post.
“We hope this causes further progress on developing continuous legislation in the us and elsewhere,” Protti said.
“Ultimately, our goal is to honor people’s privacy and present focus on doing what’s right for folks.”
The FTC reopened its investigation of Facebook’s data handling following revelations of the Cambridge Analytica scandal and other missteps by the California giant.
Facebook has created a large number of team specialized in privacy and has thousands of folks focusing on privacy-related projects, according to Protti.
“This agreement is a catalyst for changing the culture of our company,” Protti said.
