Showing 2 results for:
federal trade comission
Popular topics
All results
Facebook has faced a lot of heat for its poor privacy practices. In February, the Federal Trade Commission (FTC) began negotiating a multi-billion dollar fine with Facebook, due to Cambridge Analytica and the lack of privacy practices following it. There was a lot of hype around the FTC exploring a fine ranging from $3-$5 billion because that would set a record. But last month, Facebook’s first-quarter earnings for 2019 revealed that the company had already set aside $3 billion in anticipation of the fine. Now, Sens. Richard Blumenthal (D-CT) and Josh Hawley (R-MO) are calling on the FTC to do more. On Monday, in a letter sent to the FTC , the two senators made their feelings clear by calling the expected settlement a “bargain.” Blumenthal and Hawley are also looking for long-term consequences for Facebook. The letter urged the FTC “to act swiftly to conclude its investigation of Facebook and to move to compel sweeping changes to end the social network’s pattern of misuse and abuse...
May 8, 2019
Facebook seems to have a new privacy violation every month. From storing millions of passwords in plain text to the infamous Cambridge Analytica scandal , Facebook keeps on messing up. In February, the Federal Trade Commission (FTC) began negotiating a multi-billion dollar fine with Facebook — mainly due to Cambridge Analytica and the lack of privacy practices following it. The FTC focused on whether Facebook had violated a 2011 agreement to improve privacy on the platform. Now, it seems that the FTC fine will become a reality. Facebook has set aside $3 billion in anticipation, as revealed by the company’s first-quarter earnings for 2019. Within the report, Facebook wrote that it set aside the money because the company “reasonably estimated a probable loss.” The company directly identified the FTC’s inquiry into its data practices as the reasoning, adding, “We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion. The matter remains unresolved, and there can...
Apr 25, 2019