FTC (Federal Trade Commission) announced that Facebook ready to pay $5 Billion Penalty for losing its user Data.FTC settlement imposes the historic penalty, and important requirements to boost responsibility and transparency. The penalty happened to Facebook because they couldn’t inform its billions of users about their private information leak that happened years ago.
Facebook will pay a record-breaking $5 billion penalty. This fine is the largest the United States regulator has obligatory on any tech company in history. Facebook goes through new restrictions and a changed company structure. Because Which will hold the company accountable for the decisions it makes concerning its users’ privacy to settle.
The FTC (Federal Trade Commission) on Facebook revealed the reason for the charge because of that the company violated a 2012 FTC (Federal Trade Commission) order by deceiving users concerning their ability to manage the privacy of their personal information. The settlement needs Facebook CEO Mark Zuckerberg and different compliance officers to acknowledge and certify. That Facebook will take all necessary steps to protect its user privacy.
Has also been seen in the past that other Social media was hacked too like Twitter, Instagram, and Linkedin. Just a few days ago hacked the Twitter account of Amitabh Bachan.
After Facebook, $5 Billion Penalty Mark Zuckerberg said on Facebook in his post that,
We have a responsibility to protect people’s privacy.
We already work hard to live up to this responsibility, but now we’re going to set a completely new standard for our industry.
According to a report from Washington post, the FTC (Federal Trade Commission) considered a higher fine. There was discussion to create Facebook CEO personally answerable for the privacy oversights.
After Facebook $5 Billion Penalty. I’m sure that Mark Zuckerberg will again make no mistake regarding the privacy of Facebook users because they paid a huge penalty of their mistake
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