US regulators on Friday welcomed a "historic" US$5 billion settlement with Facebook over data privacy as the social network said it was already implementing the provisions of the deal.[SAN FRANCISCO] US regulators on Friday welcomed a"historic" US$5 billion settlement with Facebook over data privacy as the social network said it was already implementing the provisions of the deal.
The deal between the leading social network and the US Federal Trade Commission became official with the approval Thursday of a federal judge. Along with the fine, the settlement announced last July requires Facebook to ramp up privacy protections; provide detailed quarterly reports on compliance with the deal, and have an independent oversight board.
Some privacy activists had challenged the deal claiming it let off Facebook too easy after the Cambridge Analytica scandal that allowed the hijacking of personal data of millions of users ahead of the 2016 US presidential election. FTC chairman Joe Simons said in a statement he was"pleased" with the court approval, pointing out it was the largest monetary penalty ever obtained by consumer protection agency.
Source: News Formal (newsformal.com)
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