Showing 1 results for:


by Topic

All results

Facebook Is Getting Ready For a Huge Fine From The FTC

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