Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Risk

7/15/2019
03:00 PM
100%
0%

FTC Reportedly Ready to Sock Facebook with Record $5 Billion Fine

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.

Read more here and here.

 

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.

 

 

 

 

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
CameronRobertson
50%
50%
CameronRobertson,
User Rank: Moderator
7/22/2019 | 4:57:07 AM
Slap on the wrist.
It seems like the amount is great, but considering the kind of money that Facebook makes, and the amount of people that are already reliant on what it does for them, that 5 billion really isn't going to be making a dent in their earnings at all if you ask me! I reckon that it would barely even be considered painful since they could make the money back easily in the coming year with all the acquisitions and development they're doing!
UdyRegan
50%
50%
UdyRegan,
User Rank: Apprentice
7/22/2019 | 3:45:07 AM
No such thing as privacy
In view of this hefty fine amount, how can online users now rest assured that they are truly safe online? Every action that we perform online, there will be at least a single entity that will be watching our every move. Though we do not perform anything illegal, we still feel as though our basic privacy is being invaded. However, there is just too much data online that we need to gain access to so I guess privacy is a small price to pay?
spann182
50%
50%
spann182,
User Rank: Apprentice
7/17/2019 | 4:09:11 PM
Re: Fine Money
California and Colorado have already been looking into this for the states. What we do not need is individual complainces for each state. This should be just the US version of GDPR for ALL states. 

I work in Security and the last think I want to do is remember which states differer in the verbage. 
chadtc
50%
50%
chadtc,
User Rank: Apprentice
7/17/2019 | 2:16:50 PM
Fine Money
What will the FTC do with five billion dollars? Help establish a GDPR for the U.S.? Although GDPR lacks controls it'd be a good start for the US.
drewinutah
50%
50%
drewinutah,
User Rank: Apprentice
7/16/2019 | 2:17:03 PM
FTC fines will herald GDPR Ambulance Chasers!
While this FTC fine of $5 billion "feels" excessive, given the level of scrutiny on both sides of the Pond and because of an increasingly hostile sector of miscreants trying to go where they're not invited, I would expect the GDPR Police to be watching very carefully--especially for a big, fat American-based company, to look to level a big, fat American-sized fine on a GDPR violation--somebody who they know is out in the open and easily pegged as not coloring within the lines (McD? Coke? Pepsico? are you listening?)
tdsan
50%
50%
tdsan,
User Rank: Ninja
7/16/2019 | 12:19:18 PM
This is excessive
I do think that facebook will fight this because this is unprecedented. Per the article, Google was fined 12 million but 5 billion is way over the limit.

What they could do, is to allocate that money to improve their security posture over a number of years. But this is extremely excessive.

T
Malicious USB Drive Hides Behind Gift Card Lure
Dark Reading Staff 3/27/2020
How Attackers Could Use Azure Apps to Sneak into Microsoft 365
Kelly Sheridan, Staff Editor, Dark Reading,  3/24/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: "I feel safe, but I can't understand a word he's saying."
Current Issue
6 Emerging Cyber Threats That Enterprises Face in 2020
This Tech Digest gives an in-depth look at six emerging cyber threats that enterprises could face in 2020. Download your copy today!
Flash Poll
State of Cybersecurity Incident Response
State of Cybersecurity Incident Response
Data breaches and regulations have forced organizations to pay closer attention to the security incident response function. However, security leaders may be overestimating their ability to detect and respond to security incidents. Read this report to find out more.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-7755
PUBLISHED: 2020-03-30
In webERP 4.15, the Import Bank Transactions function fails to sanitize the content of imported MT940 bank statement files, resulting in the execution of arbitrary SQL queries, aka SQL Injection.
CVE-2020-10560
PUBLISHED: 2020-03-30
An issue was discovered in Open Source Social Network (OSSN) through 5.3. A user-controlled file path with a weak cryptographic rand() can be used to read any file with the permissions of the webserver. This can lead to further compromise. The attacker must conduct a brute-force attack against the S...
CVE-2020-5527
PUBLISHED: 2020-03-30
When MELSOFT transmission port (UDP/IP) of Mitsubishi Electric MELSEC iQ-R series (all versions), MELSEC iQ-F series (all versions), MELSEC Q series (all versions), MELSEC L series (all versions), and MELSEC F series (all versions) receives massive amount of data via unspecified vectors, resource co...
CVE-2020-5551
PUBLISHED: 2020-03-30
Toyota 2017 Model Year DCU (Display Control Unit) allows an unauthenticated attacker within Bluetooth range to cause a denial of service attack and/or execute an arbitrary command. The affected DCUs are installed in Lexus (LC, LS, NX, RC, RC F), TOYOTA CAMRY, and TOYOTA SIENNA manufactured in the re...
CVE-2020-10940
PUBLISHED: 2020-03-27
Local Privilege Escalation can occur in PHOENIX CONTACT PORTICO SERVER through 3.0.7 when installed to run as a service.