Saturday, June 22, 2024

Facebook Facing $5 Billion Fine From Federal Trade Commission for 2018 Cambridge Analytica Scandal

Federal Trade Commission (FTC) approved $5 billion fine against Facebook for 2018 Cambridge Analytica scandal User-privacy Violations that affected 10 of millions of Facebook users.

Last year Cambridge Analytica gained access overall 87 million Facebook users data which has been used to attempt to influence elections in the US, India, and Russia Since 2014.

This is one of the largest fine that ever imposed by the Federal Trade Commission to a tech company and the earlier largest fine was $22.5 million against Google for violating the user privacy policy.

This action against Facebook would be the aggressive regulatory actions by the Trump administration and it raising a frustration to other tech giants that collect and store the user’s data.

So far, some of the biggest fines are imposed from Europe Union, last year Google fined over $5.1 billion for abusing the market share in the mobile phone industry.

The $5 billion fine is not a big deal for Facebook which made a profit of $22 billion last year on $56 billion in total revenue.

According to NY Times report, In addition to the fine, Facebook agreed to more comprehensive oversight of how it handles user data, But none of the conditions in the settlement will impose strict limitations on Facebook’s ability to collect and share data with third parties.

“The FTC approved the settlement by a 3-2 vote along party lines with Republicans in favor and Democrats against,” the report said.

This settlement needs to be finalized by the Civil Division of US Justice Department, which is very rare to be rejected the settlement that referred by FTC.

“American regulators and lawmakers of both parties have also taken a more combative stance toward the tech giants in recent weeks. Congress started an antitrust investigation into how the biggest tech companies have harmed consumers and impeded competition.”

According to the Wall Street Journal report,” the privacy settlement comes as the FTC has faced mounting political pressure to take a tougher line against Facebook and potentially other tech companies. European enforcers have been seen as the global top cop on the tech beat.”

Several Media outlets are tired to reach Facebook and Federal Trade Commission but both spokespersons declined to comment.

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Balaji
Balaji
BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.

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