Saturday, Oct 23rd 2021 10:35 AM

Market Digest Nigeria


U.S fines Facebook $5b for violating privacy


The U.S. Federal Trade Commission imposed a five billion dollar fine on the social media Facebook for violations of privacy, the agency  has said.

In a statement said that the punishment is the highest against a company for affecting users, and is 20 times more than any penalty of its kind worldwide.Facebook must conduct a review of its privacy policies of any product, service or practice, new or changed, before being implemented and document all its decisions in this regard, the statement said.

In addition, WhatsApp, Instagram and Messenger, which are part of the conglomerate of the aforementioned company, must comply with the proposed rules.

Press reports recalled that the trigger that led to this fine was the information released in March 2018 that the British consultancy Cambridge Analytica used an application to collect data from 87 million Facebook users without their consent and for political purposes.

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