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Facebook hit with $5 fine, and a new privacy policy

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After months and months of speculation, Facebook and the Federal Trade Commission has agreed to a $5 billion fine for privacy violations, as well as a new understanding of how the business interacts with data.

The fine is the largest the FTC has ever imposed on a technology company, and to the disappointment of some people, CEO Mark Zuckerberg will only be held personally responsible in a limited way.

As part of the agency’s settlement with Facebook, Zuckerberg will have to personally account for the company in accordance with its privacy programs. The COMMISSION said that the fake certificates would be subject him to civil or criminal penalties.

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Facebook is also not to admit to the wrongdoing in the settlement.

In a statement on the FTC’s website, FTC Chairman, Joe Simon, said in the Zuckerberg-led company has “seriously undermined the consumer’s choices, and the money is used not only to punish past transgressions, but in the future as well.

“In spite of repeated promises to the billions of users throughout the world and that they will be able to control how their personal information is being shared, and Facebook to undermine consumer choice,” Simon said in a statement. “The size of the $5 billion in fines and the cleaning of the conduct of relief were unprecedented in the history of the COMMISSION. The lighting is not only designed to address future violations, and to punish them, but, more importantly, to change your Facebook’s privacy culture, a decrease in the likelihood of continuing violations. The Commission takes consumer privacy seriously, and will make the enforcement of the COMMISSION’s orders to the fullest extent of the law.”

In a statement, Facebook’s General Counsel Colin Stretch said that the agreement with the FTC’s new standards for the protection of the privacy of the user.

“After several months of negotiations, we have reached an agreement with the Federal Trade Commission, which establishes a comprehensive new framework for the protection of the right to privacy and the information that they give to us,” Stretch wrote in a blog post.

“The agreement will require a fundamental shift in the way we do our work, and it will take more and more responsibility on the people who build our products at every level of the company. It will take a better turn, to privacy, to a different scale than anything we’ve done in the past,” Stretch added.

Zuckerberg also said the company has “a responsibility to protect the privacy of the people,” and as part of its deal with the FTC, it will make its best efforts.

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“As part of the terms of the settlement, we will take a look at our privacy and, in line with our accounting controls under the Sarbanes-Oxley law,” Zuckerberg wrote. “Our leaders, including me, will have to confirm that all of the work that we have not seen in our data protection obligations. Just as we have an audit and risk committee of our board of directors is to oversee our financial controls, we propose a new privacy committee of our board of directors, who oversee the privacy program. We have also been asked to be one of our most experienced product leaders to take on the role of the Chief Privacy Officer for Products.

Sources close to the matter said that it can be Done, it will also discuss the changes in a company-wide meeting, on Wednesday afternoon.

In its first-quarter earnings in April, Facebook told the analysts that it is an estimate of the potential settlement with the FTC, and to be in the range of $3 billion and $ 5 billion.

Separately, The Wall Street Journal late Tuesday that Facebook would also have to settle with the united states Securities and Exchange Commission, and excludes the question of whether it is stated in the privacy practices of the investors and to pay a fine greater than $100 million.”

The story of the development of the…

The Associated Press contributed to this report.

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