The fine, for the social media giant's role in the Cambridge Analytica scandal, would be the largest ever against a tech company.
The Federal Trade Commission (FTC) and Facebook have reached a settlement over the 2015 Cambridge Analytica privacy scandal, according to reports in The Wall Street Journal and other news outlets.
The fine, at approximately $5 billion, is the largest against a tech company in the FTC's history, surpassing the $22.5 million levied against Google in 2012. That fine also was for failures in privacy practices.
While the settlement has not been formally announced, legislators are already speaking out on the subject, with those on both sides of the aisle criticizing the amount – approximately 9% of Facebook's 2018 revenue – as insufficient.
The proposed settlement must be reviewed by the Department of Justice before it's finalized. No date has been announced for the conclusion of that review.
Black Hat USA returns to Las Vegas with hands-on technical Trainings, cutting-edge Briefings, Arsenal open-source tool demonstrations, top-tier security solutions, and service providers in the Business Hall. Click for information on the conference and to register.
About the Author(s)
You May Also Like
Unleash the Power of Gen AI for Application Development, Securely
March 19, 2024The Anatomy of a Ransomware Attack, Revealed
March 20, 2024How To Optimize and Accelerate Cybersecurity Initiatives for Your Business
March 26, 2024Building a Modern Endpoint Strategy for 2024 and Beyond
March 27, 2024Building a Modern Endpoint Strategy for 2024 and Beyond
March 27, 2024