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FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

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Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#71

Post by tinus_hn »

annadane wrote: post #63

I still find Facebook has one of the most toxic cultures of any company out there. All they've ever done during their history is betray user trust, but it's ok as long as they keep 'apologizing' and then doing nothing to fix it

https://www.indiatoday.in/technology/news/story/mark-zuckerb...

Zuck: I have over 4,000 emails, pictures, addresses, SNS

[Redacted Friend's Name]: What? How'd you manage that one?

Zuck: People just submitted it.

Zuck: I don't know why.

Zuck: They "trust me"

Zuck: Dumb f*s.

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#72

Post by djsumdog »

jawns wrote: post #8

A lot of the terms of the settlement deal with organizational changes, but when you look at the very specific privacy restrictions that Facebook agreed to, it's really, really problematic stuff: * Facebook is prohibited from using telephone numbers obtained to enable a security feature (e.g., two-factor authentication) for advertising; * Facebook must provide clear and conspicuous notice of its use of facial recognit…

> So from Facebook's perspective, this is probably a big win.

$5 billion is a lot, but Facebook is huge. Even considering, it's probably not pocket change for them, but they are getting a benefit from it for sure. They are buying public opinion.

"Look at us..we took a big fine and agreed to respect your privacy .. you can trust us now." It's essentially a very expensive ad, used to rebuild trust with their cattle; I mean users.

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#74

Post by djsumdog »

zxcvbn4038 wrote: post #70

Does it bother anyone else that Facebook is being fined $5 billion while Equifax, a company with a history of anti-consumer activity and privacy violations going back decades, the company that congress was forced to enact the Fair Credit Reporting Act to contain, and who gave away all the personal information for over a hundred million people through its own negligence, was fined a mere $650 million? Do you get the i…

What is the proportional hit though? You need to compare the percentage/ratio of the fine to the companies net worth and also to their annual revenue and profit margins.

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#75

Post by flattone »

cooljacob204 wrote: post #10
jawns wrote: post #8

A lot of the terms of the settlement deal with organizational changes, but when you look at the very specific privacy restrictions that Facebook agreed to, it's really, really problematic stuff: * Facebook is prohibited from using telephone numbers obtained to enable a security feature (e.g., two-factor authentication) for advertising; * Facebook must provide clear and conspicuous notice of its use of facial recognit…

>Facebook is prohibited from using telephone numbers obtained to enable a security feature This is exactly what made me quit Facebook a while back. Started to spam me with notifications when I only wanted to add a backup number.

pushier than a drug dealer.

oh wait theyre dealing ankind of drugs too . .

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#76

Post by jessaustin »

peteretep wrote: post #47
watwatinthewat wrote: post #26

I don't think I agree with Facebook getting a bigger fine than Equifax. I put my own information on FB. Equifax compiled information on me without my explicit consent. Both sets of data got into hands they shouldn't. I realize that misses FB willfully doing what they did and Equifax not intending to be hacked, but for me my consent is equal or more important than what the holders of the data did after they had it. Le…

> Equifax compiled information on me without my explicit consent I'm not disagreeing with this, but my understanding is that in the UK I'm always asked explicitly before sharing my data with credit agencies, and have been as long as I can remember?

Even if you are protected by a regulation that requires that permission, would anyone be surprised to discover that firms like Equifax have failed to obey that regulation? They constantly fail to do required things that don't happen to contribute to profits.

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#77

Post by [deleted] »

throwaway2048 wrote: post #19
b_tterc_p wrote: post #14

I get that fines don’t always offset the benefit gained from shady practice, but frankly I don’t think Facebook got $5B from this. That’s ~25% of last year’s net income. That’s a punch in the jaw.

Considering their stock rose significantly after this fine was announced, I don't think the people making money from Facebook agree with you.

[deleted]

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#78

Post by civicsquid »

nybble41 wrote: post #61
swebs wrote: post #18

>Facebook must exercise greater oversight over third-party apps, including by terminating app developers that fail to certify that they are in compliance with Facebook’s platform policies or fail to justify their need for specific user data; >Facebook is prohibited from using telephone numbers obtained to enable a security feature (e.g., two-factor authentication) for advertising; >Facebook must provide clear and con…

>Facebook must encrypt user passwords and regularly scan to detect whether any passwords are stored in plaintext; and Why are they storing passwords at all? It's not necessary for authentication. They should only be storing a hash, or better yet a public key derived from the password on the client.

I think this refers to previous stories where there were reports of passwords being logged as part of what I assume was request parameter logging.

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#79

Post by pyython »

zxcvbn4038 wrote: post #70

Does it bother anyone else that Facebook is being fined $5 billion while Equifax, a company with a history of anti-consumer activity and privacy violations going back decades, the company that congress was forced to enact the Fair Credit Reporting Act to contain, and who gave away all the personal information for over a hundred million people through its own negligence, was fined a mere $650 million? Do you get the i…

Came here to say this! I still can't believe credit bureaus are allowed to even exist. At no time do I give them explicit permission to collect my (very) personal information, there's almost literally no way I can opt out (short of not participating in the modern financial system), their interpretation of this data has an outsized influence on my quality of life, AND they have proven themselves incompetent at protecting this data!

If I'm worried about Facebook's use of my data the answer is simple: stop using Facebook.

Re: FTC Imposes $5B Penalty and Sweeping New Privacy Restrictions on Facebook

#80

Post by SpicyLemonZest »

snvzz wrote: post #69
ijpoijpoihpiuoh wrote: post #24

Earlier quoted context omitted.

It's 1/4 of their annual net income. It's far from a joke, but it is true that it isn't ruinous.

It's basically nothing, compared to what they gain from not giving a damn about privacy. Which they'll continue to do.

Is there a specific amount you think they gain from not giving a damn about privacy? $5B is a lot of money! I worry that if you think it's "basically nothing", you would've thought that no matter how much it was.
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