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US slaps $ 5 b positive, curbs on Fb in privateness probe | 34 thousand crore on Fb Fines of about 1% of the corporate's market cap – jj
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US slaps $ 5 b positive, curbs on Fb in privateness probe | 34 thousand crore on Fb Fines of about 1% of the corporate's market cap

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  • The US Federal Trade Commission (FTC) has agreed to impose a penalty of 3 votes against 2 after the investigation
  • FTC said – In the US it has been the biggest fines ever imposed on consumers' privacy violations
  • FTC found Facebook guilty of default in the privacy and security of users' data

Dainik Bhaskar

Jul 24, 2019, 10:02 PM IST

Washington. The US Federal Trade Commission (FTC) imposed a fine of $ 5 billion (about 34 thousand crores) on Facebook for violation of privacy. According to the commission, in the case of privacy in the US, a company was imposed on it, it is the biggest penalty till date. However, this fine Facebook's total market cap is around 1% of about Rs 35 lakh crore. In March 2018, Facebook's biggest data leak was revealed. FTC has found Facebook guilty of defaulting in the privacy and security of users' data.

An independent privacy committee will be formed in Facebook- FTC

  1. FTC Chairman Joe Simmons said that Facebook was consistently promising that he would try to control the world over how to share his users' personal information. But, Facebook disappointed the users.

  2. Simmons said – The penalty of $ 5 billion in the history of FTC is phenomenal. This penalty has been imposed so that future violations can be prevented. Apart from this, the culture of continuous violations of Facebook about privacy can be changed.

  3. "The contract of the fine has been cleared that an independent privacy committee will be formed between the board of directors of Facebook, which will eliminate the control of Facebook CEO Mark Zuckerberg on the user's privacy-related decisions."

  4. After the Cambridge analytics data leak, there was a muscle in Zuckerberg's Parliament

    In the matter of leaking data to British consultancy firm Cambridge Anilica, Facebook CEO Mark Zuckerberg also appeared in the US Parliament. After that FTC started the investigation.

  5. Facebook had proposed a settlement of $ 3 to 5 billion for the legal agreement only after the investigation began. FTC also fixed the penalty on the company to terminate the investigation of the case under these conditions. However, two members of the commission who gave the verdict said that the penalty should amount to more than $ 5 billion.

  6. What was Cambridge Analyte Data Leak Controversy?

    British consultancy firm Cambridge Analyca received data from Facebook's 8.7 million users. Facebook had this information. Cambridge Analyca used to use data from Facebook users to influence the 2016 US presidential election. In addition to FTC, the American stock market regulator Securities and Exchange Commission and the Department of Justice are also investigating.

  7. Google imposes penalty of 62 thousand crores in 2 years

    Earlier, the European Union has imposed a fine of about 8.2 billion euros ($ 62 billion) on Google in two years. This penalty was imposed for online misuse of monopoly in online advertising. Earlier, British Petroleum was fined $ 20.8 billion (about 1.36 lakh crores) in the case of oil leakage in the sea.

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