Tuesday, August 06, 2019

Facebook in $5bn fine, ordered on oversight layers for data collection - ITREALMS

The United States Federal Trade Commission recently imposed a $5 billion penalty on Facebook, over the violation of consumers’ privacy, reports ITREALMS.

Also, ITREALMS gathered that the penalty handed out in late July, mandated Facebook to undertake a privacy review of every new product or service that must be submitted to the chief executive officer (CEO) and third party assessor every quarter.

On May 15, 2018, it was reported that the US Department of Justice (DoJ) & the Federal Bureau of Investigation had opened an investigation into Cambridge Analytica over alleged misuse of data collected from Facebook. 

ITREALMS also gathered that in April 2018 several countries including Canada, Australia, and the United Kingdom launched investigations into Facebook and the alleged data misuse.

On July 24, 2019, Facebook in a blogpost stated that the “agreement will require a fundamental shift in the way we approach our work and it will place additional responsibility on people building our products at every level of the company.” 

Equally ITREALMS noted reports that critics of the settlement argue that the agreement does not impose any meaningful changes to the company’s structure of financial incentives. It is also reported that privacy groups have filed a motion to intervene with a US district court to file comments on the fairness and adequacy of the settlement. 

Chuks Egbune/Editor
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