Facebook Slapped With $5 Billion Fine For Privacy Lapses
Most of you who are reading this are probably viewing this not because you found it on Facebook but you have either been kicked off of Facebook or just don't bother to use the platform because you know Facebook is malicious. Zuckerberg has been unlawfully using millions of peoples information to make money for himself all the while forming a vertical monopoly. Now he want's his own currency. This fine does not solve all of the problems with Facebook but at least it's a start. Here are the details.
Slate reported: Sixteen months later, Facebook is actually in trouble over the Cambridge Analytica scandal. Last March, the public learned that the data of 87 million Facebook users had wrongfully landed in the hands of a political-analytics firm—Cambridge Analytica, which would go on to work for the Trump campaign in 2016—because of the company’s lax data policies at the time. The Wall Street Journal first reported on Friday afternoon that the Federal Trade Commission had approved a $5 billion settlement with Facebook in a vote that went along party lines. The three Republicans at the commission voted for the fine, while two Democrats reportedly wanted the agreement to include additional tougher oversight over Facebook. Now the decision has to be approved by the Justice Department, which is unlikely to reject the FTC’s plan.
Five billion dollars is a record fine against a technology company for the FTC, surpassing a $22 million fine against Google in 2012 for misleading privacy practices. Though $5 billion is a big number, it’s not that much considering Facebook’s annual revenue, which in 2018 was more than $55 billion—more than $152 million a day. The fine is also in line with other recent fines abroad. Google paid $5 billion in 2018 to European regulators for anti-competitive practices in the Android smartphone market. It was also fined $2.7 billion in 2017 for anti-competitive practices in its comparative shopping services, and earlier this year it was fined $1.7 billion for its “abusive practices” in online advertising. That’s more than $9 billion in the past three years. In that context, massive-sounding fines may be becoming the cost of doing business for large technology platforms.
The FTC’s privacy probe into Facebook was sparked by an agreement Facebook had made with the agency in 2011 that required the social network to obtain affirmative consent from users before accessing or sharing data about them beyond what they had explicitly agreed to. Under the consent decree, the FTC can fine Facebook up to $40,000 a day per individual violation, which for the amount of people affected the Cambridge Analytica scandal could have amounted to a bill as high as $2 trillion. Facebook did tighten its data-sharing practices after it learned that Cambridge Analytica wrongfully removed user data, like making it harder for app-makers to scrape user data and no longer making users’ friends’ data available for harvesting.
Democrats who want harsher regulatory actions against companies like Facebook and Google, which were instrumentalized by Russian operatives in the 2016 and 2018 elections, weren’t pleased with the news of the $5 billion fine. “Given Facebook’s repeated privacy violations, it’s clear the fundamental structural reforms are required,” Sen. Mark Warner, who has been pushing for increased congressional scrutiny of Facebook, said in a statement. “With the FTC either unable or unwilling to put in place reasonable guardrails to ensure that user privacy and data are protected, it’s time for Congress to act.”
We don’t yet know all the details of the settlement, which may come with other oversight requirements and regulations about how the company operates and handles user data. A symbolic $5 billion fine combined with robust regulations or oversight rules actually couldaffect how Facebook does business and treats its users’ information. Still, the FTC has concluded the company didn’t follow the rules it agreed to observe in 2011, making it a repeat offender. When it comes to moving fast and not breaking the law, Facebook doesn’t have a good track record.
Let us know what you think in the comments below:
About the Author: Nicholas AKA Wise Young Man has been a political social media guru since 2015. Since then he has accumulated over 2 million followers. He has established a unique internet niche by utilizing the heated political climate to get the truth out to his loyal followers, a harsh reality check for Communists around the world. Nicholas's comments on news articles reach roughly 10 million Americans a week. Read more about the author.
Keep Fighting: Facebook, Twitter and Google are aggressively restricting conservative content through biased algorithms and manual interference. Silicon Valley doesn't want you to read our articles. Bypass the censorship and share your thoughts using the Gab's Dissenter or the Disqus comments section below. Thank you for viewing and sharing our content.