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
Guarding the Cloud: Top 5 Cloud Security Hacks and How You Can Avoid Them
April 4, 2024Cybersecurity Strategies for Small and Med Sized Businesses
April 11, 2024Defending Against Today's Threat Landscape with MDR
April 18, 2024Securing Code in the Age of AI
April 24, 2024
Black Hat USA - August 3-8 - Learn More
August 3, 2024Cybersecurity's Hottest New Technologies: What You Need To Know
March 21, 2024Black Hat Asia - April 16-19 - Learn More
April 16, 2024