SAN FRANCISCO - US regulators on Friday welcomed a"historic" US$5 billion settlement with Facebook over data privacy as the social network said it was already implementing the provisions of the deal.
Along with the fine, the settlement announced last July requires Facebook to ramp up privacy protections; provide detailed quarterly reports on compliance with the deal, and have an independent oversight board. FTC chairman Joe Simons said in a statement he was"pleased" with the court approval, pointing out it was the largest monetary penalty ever obtained by consumer protection agency.
The agreement goes beyond measures required by US law and should"serve as a roadmap for more comprehensive privacy regulation," Facebook chief privacy officer Michel Protti said in a blog post.