We all are well aware of the fact that how Facebook leaked the user’s account information without their consent and after that terrible incident many of us built trust issues with this giant social platform. Facebook’s CEO Mark Zuckerburg faced criticism on different platforms and eventually, due to the scandal, he was called by United States Congress. Facebook was continuously making efforts to settle allegations.
Facebook Struggle Continuous to Settle Allegations
Now the company will have to pay $5 billion to the US government. Moreover, the social platform will add layers of committees, inspectors, and rules that are designed to keep it from committing privacy blunders again in the future.
The SEC said:
Facebook CEO Mark Zuckerberg will have to personally answer to federal regulators under an agreement to settle a privacy case with the Federal Trade Commission that includes a $5 billion penalty for the giant social media company, the agency announced Wednesday. Separately, Facebook will pay $100 million to settle a case with the Securities and Exchange Commission for making misleading disclosures about the risk that users’ data would be misused
Facebook’s Ceo will have to submit quarterly compliance reports directly to the federal regulators under the FTC agreement and to Facebook’s board of directors. By violating the agreement, Facebook co-founder or designated compliance officers could be subject to civil and criminal penalties.
Facebook has confirmed that the agreement is all about rebuilding trust with people. Meanwhile, the company has also announced a comprehensive new framework for protecting the privacy of people and will pay the Securities and Exchange Commission an additional $100 million to settle charges alleging.
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