Facebook has agreed to pay $5 billion to settle charges related to its violation of users' privacy and has agreed to new restrictions on data management, the Federal Trade Commission said in a press release on Wednesday
UNITED NATIONS (Pakistan Point News / Sputnik - 24th July, 2019) Facebook has agreed to pay $5 billion to settle charges related to its violation of users' privacy and has agreed to new restrictions on data management, the Federal Trade Commission said in a press release on Wednesday."Facebook, Inc. will pay a record-breaking $5 billion penalty, and submit to new restrictions and a modified corporate structure that will hold the company accountable for the decisions it makes about its users' privacy," the release said. "The order requires Facebook to restructure its approach to privacy from the corporate board-level down, and establishes strong new mechanisms to ensure that Facebook executives are accountable for the decisions they make about privacy, and that those decisions are subject to meaningful oversight."
Facebook in a statement said that the company is developing a new privacy program that would advance identification, assessment and mitigation of privacy risk.
"We will adopt new approaches to more thoroughly document the decisions we make and monitor their impact," Facebook added. "And we will introduce more technical controls to better automate privacy safeguards."
