Tech & Science: Facebook-FTC settlement: What you need to know about the $5 billion deal - PressFrom - United Kingdom

Tech & ScienceFacebook-FTC settlement: What you need to know about the $5 billion deal

17:05  25 july  2019
17:05  25 july  2019 Source:

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Facebook agreed to pay a record $ 5 billion to resolve a U.S. investigation into years of privacy violations, a settlement Sign up to receive the top stories you need to know right now. Facebook spent months negotiating the settlement with the FTC , and any future potential violations would likely

WASHINGTON— Facebook Inc. agreed to pay a record $ 5 billion fine and better police its data-privacy practices to settle a long-running federal investigation that has damaged the company’s standing with consumers and clouded its future. Under the settlement , Facebook founder and CEO Mark

Facebook-FTC settlement: What you need to know about the $5 billion deal © Provided by CBS Interactive Inc. Facebook reached a record $5 billion settlement with the FTC this week. Graphic by Pixabay/Illustration by CNET

After more than a year of wrangling, Facebook and the Federal Trade Commission finally agreed to settle an investigation into the social network's privacy mishaps. The result: Facebook will create a new privacy council, CEO Mark Zuckerberg will be required to certify the company's behavior, and the social network will have to -- we sort of can't believe we have to write this but we do -- encrypt your password.

Oh, yeah. There was also a $5 billion fine, a penalty the FTC called "unprecedented."

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The inevitable has happened for Facebook . After weeks of reports that the company was working to settle with the Federal Trade Commission ( FTC ) over its privacy The Wall Street Journal reports that commissioners voted to approve a $ 5 billion settlement -- something Facebook had already

Facebook has officially been fined $ 5 billion by the FTC over privacy violations. Along with the $ 5 billion fine, the largest ever levied for privacy violations, Facebook 's board will be required to nominate an "independent privacy committee" that would remove “unfettered control” of the company's privacy

The settlement comes after the FTC looked into whether Facebook should have done more to prevent Cambridge Analytica, a now-defunct consultancy that worked on President Donald Trump's campaign, from siphoning off the data of up to 87 million users. Specifically, the FTC was concerned that Facebook's failure to safeguard that data violated an earlier agreement Facebook made to protect user privacy.

Here's all you need to know about the settlement and how it impacts you.

I'm a Facebook user. How do I get some of that $5 billion?

Short answer: You don't. Longer answer: Facebook users weren't financially harmed, though being hammered with political ads might seem like it deserves compensation. So no fund is being set up to pay victims. Instead the money will go straight to the US Treasury.

FTC votes to approve $5 billion settlement with Facebook in privacy probe

FTC votes to approve $5 billion settlement with Facebook in privacy probe The Federal Trade Commission voted to approve a roughly $5 billion settlement with Facebook ending an investigation into its privacy practices.

Facebook , under a 20-year settlement with the Federal Trade Commission over privacy violations The FTC deal with Facebook , announced Wednesday after months of negotiations, will The $ 5 billion fine, which Facebook already told investors it was prepared to pay, is less than the company’s

What you need to know Facebook faces a record-setting 5 billion dollar fine in a decision from the FTC . The settlement still needs to be approved by the DOJ before it becomes final. While the settlement was approved by the FTC with three votes in favor from Republicans and

We know that's disappointing, particularly if you've been following the $700 million settlement that Equifax struck after it was hacked. On Monday, the FTC said the 147 million Equifax customers whose data was swiped could claim compensation for costs caused by the security breach, including unauthorized charges to your account and money spent to protect yourself from the threat of identity theft. About $300 million from the settlement will be set aside to pay consumers affected by the hack.

Well, that's disappointing. What's this about a new privacy committee?

The agreement requires Facebook to form a privacy committee at the board-of-directors level. The committee will do one thing: oversee privacy at Facebook. And all the members will be independent, meaning their day jobs can't be at Facebook.

The committee, when it is created, will have a lot of power. It will be able to remove privacy compliance officers, who will be responsible for executing the company's policies. It will also be able to fire the company's privacy assessor, a newly created position that will evaluate Facebook's policies and produce a report every two years. (The committee will need the FTC's approval to remove the assessor.)

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The FTC has fined Facebook $ 5 billion in a settlement that both the agency and the company promise will result in real change in how the social networking giant operates and In addition, as CEO Mark Zuckerberg addressed in a post Wednesday about the settlement , Facebook will have to keep

After months of negotiations, the Federal Trade Commission fined Facebook a record-setting $ 5 billion on Friday for privacy violations, according to multiple reports. Full details of the settlement were unavailable Friday afternoon, and the FTC and Facebook both declined to comment.

The committee members are also well protected. A member can only be fired without cause by a supermajority of voting shares.

I heard something about a new privacy program at Facebook. What's that about?

In broad brush, Facebook has to conduct privacy reviews of all new or modified products and services. That could be apps it designs or physical products, like its Portal video chat device. The company has to share written privacy reviews with Zuck (which seems like common sense), as well as the assessor and the FTC, if it wants to have a peek. The privacy program has to include other Facebook services, such as WhatsApp and Instagram.

So Zuck is on the hook?

Yes, for anything that happens in the future. The settlement requires him to certify that Facebook is in compliance with its privacy program every quarter. He could face "civil and criminal penalties" if he doesn't or gets it wrong. He also isn't the boss of the independent privacy committee or assessor.

Anything else I need to know about the settlement?

There are some interesting -- and scary -- loose ends. The social network has to encrypt user passwords, can't use phone numbers given as part of two-factor authentication for advertising, can't retain personal information that users deleted on its servers and can't let employees have free access to user information.

Facebook to create privacy panel, pay $5 billion to U.S. to settle allegations

Facebook to create privacy panel, pay $5 billion to U.S. to settle allegations The Federal Trade Commission is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion, two people briefed on the matter said. As part of the settlement, Facebook will agree to create a board committee on privacy and will agree to new executive certifications that users' privacy is being properly protected, the people said. Facebook Chief Executive Mark Zuckerberg will have to certify every three months that the company is properly safeguarding user privacy, a person briefed on the matter said.

Facebook reportedly dodged a Federal Trade Commission fine several times larger than the $ 5 billion fine it's ultimately expected to receive. The $ 5 billion settlement is expected to be finalized and announced in the coming days. The FTC also reportedly considered punishments as part of its

Separately, Facebook will pay 0 million to settle a case with the Securities and Exchange Commission for making misleading disclosures about the risk that users' data would be According to FTC investigators, Facebook violated the terms of its 2011 settlement with the agency, in which it

That's it, right?

As long as you don't count the controls that are being put in place for facial recognition. Basically it boils down to this: Facebook has to get your permission on facial recognition matters before it does anything.

What comes next?

Facebook is still facing regulatory scrutiny from the FTC and other government agencies. The FTC told the company in June it was investigating the social media giant for antitrust concerns. The Department of Justice also said this week that it's kicking off an antitrust review into internet giants and how they achieved market power, signaling it would target social media companies like Facebook.

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Google to settle YouTube child privacy violations for up to $200 million.
Google will allegedly pay between $150 and $200 million to end the FTC investigation into whether YouTube violated a children's privacy law, Politico reported this afternoon. 

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