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It is now no longer news that Facebook would be paying a total of $5 Billion to the US Federal Trade Commission (FTC) for abuse of User’s data, a sum that is the highest the FTC has ever received and inconsequential to the Technology as shares in the company rose much to critics’ displeasure.
The amount has been described as a mere slap on the wrist considering the tech giants’ new earnings which was declared yesterday, an estimated 28% jump over the last quarter’s earning worth close to $16.9 billion in revenue.
Facebook has been through several muddy waters of privacy scandals – one after another but has managed to stay afloat despite all and even thrive as the user base on the app continues to grow to hit almost 2.4 billion this last quarter.
The Libra Cryptocurrency which the technology Company introduced recently went further to accentuate the fact that the company is still a cybersecurity threat, a move which the organization will hold off until all fears from regulators have been fully addressed.
In addition to the fines, the FTC has also made some demands from the company. The criteria are listed below:
Facebook will have to create an independently appointed privacy committee that can only be fired a majority vote from the board as opposed to Mark himself
Facebook will also be required to start a program for designated compliance officers who will independently review every new product or update to ensure data privacy.
The company will also undergo routine privacy audits compulsorily to ensure end user’s protection
And finally, a third-party assessor will be assigned to monitor data security on the platform