Facebook’s Cambridge Analytica data sharing scandal is no longer a secret and after constant demands from the US Federal Trade Commission (FTC) regarding the launch of a full-fledged investigation, the department has disclosed now that they are already working on the case. The investigators will look into any possible violation of the 2011 consent decree.
Huge Penalties On Their Way!
If the charges turn out to be true, Facebook might have to face at least tens of millions of dollars of fine. The social media giant is already suffering from a more than 6 percent downfall in the shares market, which means, a little over $100 billion in the last 10 days. According to the acting director of the FTC’s Bureau of Consumer Protection, Tom Pahl:
The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers. Foremost among these tools is enforcement action against companies that fail to honor their privacy promises, including to comply with Privacy Shield, or that engage in unfair acts that cause substantial injury to consumers in violation of the FTC Act. Companies who have settled previous FTC actions must also comply with FTC order provisions imposing privacy and data security requirements. Accordingly, the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices.
Facebook’s management is still of the view that there was nothing wrong in the Cambridge Analytica case. A sort statement has recently been released in this regard:
We remain strongly committed to protecting people’s information. We appreciate the opportunity to answer questions the FTC may have.