One of the most popular social media network, Facebook were fines $5billion by the US regulators for privacy violations in a wide-ranging settlement that calls for revamping privacy controls and oversight at the social network.
The Federal Trade Commission said the penalty was the largest ever imposed on any company for violating consumers’ privacy and one of the largest penalties ever assessed by the US government for any violation.
However, two Democratic members of the five-member FTC dissented, arguing the agreement failed to go far enough to rein in Facebook business practices that endanger consumers.
The agreement requires Facebook to create a privacy committee within its board of directors to be appointed by an independent nominating committee.
This would end “unfettered control” of decisions on privacy by Facebook’s chief executive Mark Zuckerberg, the FTC statement said.
FTC Chairman Joe Simons said the penalty was appropriate to address concerns over Facebook’s misuse of personal information.