The FTC levies a $5B fine on Facebook and requires beefed up oversight of users' personal data

The FTC levies a $5B fine on Facebook and requires beefed up oversight of users' personal data. The US Federal Trade Commission ordered Facebook to pay a $5B fine for settlement for violating a 2011 privacy settlement and add several new layers of oversight and governance for its collection and handling of users’ personal data. Facebook must add a new independently appointed privacy committee on its board, designate compliance officers to oversee a privacy program, undergo regular privacy audits including for CEO Mark Zuckerberg, and appoint an outside assessor to monitor the handling of data. Critics note the settlement does not hold CEO Zuckerberg personally liable and the $5B fine is a fraction of Facebook’s $56 billion in annual revenue. New York Times