Facebook Fined $5 Billion For Privacy Violations
Facebook is now facing major consequences for their privacy violations. According to CNN, Federal regulators have put full blame on CEO Mark Zuckerberg and has decided to hit him with a $5 billion fine.
The news site states that the fine is the largest Federal Trade Commission has levied on a tech company. However, it won’t really affect the tech giant that had nearly $56 billion in revenue last year.
Now, as part of the agency’s settlement with Facebook, Zuckerberg will have to personally certify his company’s compliance with its privacy programs, according to the site. In addition to that, Facebook has been ordered to add oversight and data practices to better ensure that the site is safe.
“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.”
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