US regulators today formalized a record 5 billion US Dollar fine on Facebook for violation of users’ privacy in the Cambridge Analytica data scandal involving 87 million users.
The Federal Trade Commission (FTC) 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.
The FTC initiated the investigation after a scandal involving former British consulting firm Cambridge Analytica, which was accused of illegally accessing data of more than 87 million Facebook users without their prior knowledge.
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