\tThe US Federal Trade Commission (FTC) approved a $5 billion fine against Facebook for its recent privacy missteps, though the settlement has yet to get a green light from the Justice Department, the Wall Street Journal (WSJ) reported.<\/p>\n
Other specifics of the FTC enforcement package were not immediately available, but it is also expected to include restrictions on Facebook\u2019s privacy-related practices, WSJ added.<\/p>\n
The settlement would conclude a 2018 probe taken up by the FTC [1] following Facebook\u2019s Cambridge Analytica data breach. Specifically, regulators sought to determine whether Facebook violated the terms of an agreement it made with the authority in 2011, where it pledged to not collect and share personal data without users\u2019 consent.<\/p>\n
In April, Facebook said it set aside $3 billion [2] to help cover an expected fine of between $3 billion and $5 billion.<\/p>\n
WSJ previously reported such a fine would be the FTC\u2019s largest-ever against a major tech company, the current record holder being a $22.5 million fine levied against Google in 2012.<\/p>\n
However, the figure represents a fraction of Facebook\u2019s revenue and net income, which totalled $55.8 billion and $22.1 billion in 2018, respectively.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/apps\/news-apps\/ec-ftc-probe-facebook-data-breach\/
\n[2] https:\/\/www.mobileworldlive.com\/apps\/news-apps\/ftc-fine-provision-hits-facebook-profit\/<\/p>\n","protected":false},"excerpt":{"rendered":"
The US Federal Trade Commission (FTC) approved a $5 billion fine against Facebook for its …<\/p>\n
The post FTC to hit Facebook with $5B fine<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n