Facebook To Pay Record $5B FTC Fine For Privacy Breaches

By Allison Grande (July 24, 2019, 8:54 AM EDT) -- Facebook has agreed to pay a historic $5 billion penalty and set up a board-level committee to oversee its privacy efforts in order to resolve the Federal Trade Commission's probe into a string of data misuse scandals, the commission announced Wednesday. 

The settlement also requires Facebook to change how it collects user data and to submit to stiffer third-party audits, the FTC said Wednesday. (AP) The 20-year settlement — which the FTC approved on a 3-2 vote, over the objections of its two Democratic commissioners — also requires the social network to overhaul the way it makes privacy decisions; institute changes to...

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