Facebook is due to pay a $5 billion settlement as a result of breach of users’ personal data.
Although this may seem like a lot of money, this is only a month’s revenue for Facebook.
What did Facebook do?
After failing to inform tens of thousands of users about a data leak that happened years ago, it was time to knuckle down.
Facebook violated a 2011 agreement to protect user privacy which meant the social platform was breaking promises to its users.
If you thought that was enough, the data fell into the hands of Cambridge Analytica, a political consultancy. This organisation was accused of using data obtained from Facebook’s users to influence political campaigns.
What happens now?
Mark Zuckerberg, CEO of Facebook said in a statement,
“We have a responsibility to protect people’s privacy…now we’re going to set a completely new standard for our industry.”
Along with the $5 billion settlement, there are other privacy requirements including greater oversight over third-party apps.
Facebook must also encrypt user passwords and regularly check for any passwords stored in plain text.
To finish off, Facebook cannot use mobile numbers it obtained to enable two-factor authentication for ads because of the breach.
The US Department of Justice, which worked with the FTC, said it’s committed to making sure Facebook and other social media companies don’t mislead consumers about their personal information.
As a result of this settlement, Facebook will be setting a complete new standard to follow. This is because the social media platform has a responsibility to protect its users’ privacy.
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