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Similar punishment for similar transgressions is how the law is supposed to work.
Before this thread becomes a Facebook bashing session, please keep in mind that Equifax leaked all your SSN data along with names and addresses and got away with no fines.
Can someone explain how Facebook gets a fine but Equifax doesn't? I don't understand how? Or has Equifax not been fined yet?
Before this thread becomes a Facebook bashing session, please keep in mind that Equifax leaked all your SSN data along with names and addresses and got away with no fines.
Now of course this is not to exonerate Equifax whose entire premise rests on safeguarding sensitive information. From the consumer side, the 2 incidents are equally bad.
This is pocket change for them. Reminds me of how they fine oil companies $50,000 and another $450,000 for violations. When they are making billions off of violating user privacy and will continue to keep using that user data for future business, this fine is nothing to them. It's like I manipulatively steal $10 from a million people and only lose a few bucks. They still profited.
$5,000,000,000 reminds you of $50,000? A fine of 1% of Facebook's value seems a bit more than pocket change.
Put it another way: if you took all of the daily market cap changes of FB's stock, but added -1% to one of them, could you pick out which one it was?
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Can someone explain how Facebook gets a fine but Equifax doesn't? I don't understand how? Or has Equifax not been fined yet?
Facebook is a popular target right now and the subject is politically charged. That's it.
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1 month of revenue is how many months of profit?
That misses the point: it's effectively a (cheap) speeding ticket for bad behavior over the life of the company. It would be a bargain at twice the price from their point of view.
> Every insider I've spoken to said any FTC fine on Facebook under $10 billion would be seen as a massive win, showing firm won't face serious consequences for privacy violations. Wall St. seems to agree in response to news of $3-$5b settlement [$FB up 4% after hours] https://twitter.com/lhfang/status/1121148735818358784
Agreed. This small of a fine comes off as a cost of doing business for a company as large as Facebook.
Seems like they should add another 0 to the fine after the recent hat trick: 1) Prompting users to give Facebook their email passwords.[0] 2) Using that email access to "inadvertently" upload the information of their email contacts.[1] 3) Storing said passwords and others in plaintext. [2] It's pretty impressive that a company could do something so brazenly malevolent and be confident that they will escape with no mo…
in logs.
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They are fairly high margin relative to most industries, so probably less than 2 months of profit would be my guess.
If only there was a way to find out how much profit a public company makes, instead of going three-deep in a threat with “would be my guess” numbers... FWIW, FB quarterly profits Q1, Q2, and Q3 2018 were 5.1, 5.1, and 6.9 billion, respectively: https://www.statista.com/statistics/223289/facebooks-quarter...
Seems like they should add another 0 to the fine after the recent hat trick: 1) Prompting users to give Facebook their email passwords.[0] 2) Using that email access to "inadvertently" upload the information of their email contacts.[1] 3) Storing said passwords and others in plaintext. [2] It's pretty impressive that a company could do something so brazenly malevolent and be confident that they will escape with no mo…