Federal Trade Commission

Social media platform Facebook has agreed to pay a whopping $5 billion to the Federal Trade Commission as a penalty for sharing details of its users to the third party, in the largest-ever security fine imposed on any company for disregarding consumer information. In addition to paying the record USD 5 billion in penalty, Facebook has also agreed to submit itself to new restrictions and a modified corporate structure that will hold the company accountable for the decisions it makes about its users' privacy. Facebook agreed to all this in order to settle Federal Trade Commission (FTC) charges that the company violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information. "Among other matters, our settlement with the FTC requir...

Google has spent USD 21.7 million on lobbying last year to influence lawmakers, becoming the leading corporate spender among the tech companies facing increasing scrutiny from US regulators over privacy practices and market control, according to a media report. Lobbying spending by tech companies has been on a steady rise in recent years and is way up over the past decade, according to the report on CNBC. The report cited data from the Center for Responsive Politics, which is a non-profit, nonpartisan research group that tracks the effects of money and lobbying on elections and public policy. As the biggest US technology companies face increasing scrutiny from regulators related to privacy practices and market control, they are spending a lot more money to try and influence lawmak...

Tag: Federal Trade Commission

Facebook agrees to pay $5 billion Penalty for privacy violations

Google top in Lobbying, Spent USD 21.7 Million