Facebook, FTC Agree To $5B Settlement Over Privacy Practices
Facebook agreed to pay the penalty and implement new privacy and security regulations.
Facebook and the Federal Trade Commission have agreed to a settlement over the social media company's privacy practices.
As part of the settlement, Facebook will pay a $5 billion fine — the largest penalty ever given in a U.S. privacy case.
Facebook also agreed to new privacy and security regulations, including greater oversight of third-party developers. It will also have to form a new board of directors committee that will solely focus on privacy compliance and will have to submit quarterly privacy review and incident reports to the FTC.
The FTC began investigating Facebook over a year ago after it shared the personal data of up to 87 million people with Cambridge Analytica without the users' explicit consent.
Facebook said the agreement "is not only about regulators, it’s about rebuilding trust with people." The terms of the agreement will be in effect for 20 years.
The settlement comes on the same day the Securities and Exchange Commission announced charges against Facebook over the Cambridge Analytica leak. The SEC says the company made "misleading disclosures regarding the risk of misuse of Facebook user data." Facebook will pay a $100 million settlement in that complaint.
Romance scams becoming more common as stigma around reporting remains
Romance scams are the type of scam that people lose the most money to, according to the Federal Trade Commission.By Shutterstock
US infiltrates big ransomware gang: 'We hacked the hackers'
Officials said the targeted syndicate, known as Hive, is among the world's top five ransomware networks and has heavily targeted health care.By Jose Luis Magana / AP
Where Gen Z gets its news: Social media
A 2022 poll shows network and cable TV news came in fifth and sixth place, with newspapers dead last.By Martin Meissner / AP
Eagles soar into Super Bowl, rout 49ers for NFC title
The Eagles won the Super Bowl five years ago with a different coach and quarterback.By Matt Slocum / AP
SCORPION Unit disband could change citizens perception of police dept.
The SCORPION Unit was supposed to reduce crime in Memphis residential hot spots.By Gerald Herbert / AP
Memphis residents express outrage at memorial for Tyre Nichols
One neighbor — a retired police officer of 40 years — said the Memphis Police Department has gone downhill.By Scripps News