Facebook to pay $550 million as Privacy Concerns settlement

As Facebook (FB) has failed to comply with the Illinois Biometric Information Privacy Act, it has agreed to pay $550 million as a penalty settlement over a lawsuit. This was disclosed by Facebook’s Chief Financial Officer who called it the largest currency settlement in the history of social media over privacy fears.

Reports are in that the web services company had to shell out the said amount as it failed to prove before the law that it legally collected the biometric data of users with their full consent. As the current data protection laws suggest that companies must first take the permission of their users before playing with their data, Mark Zuckerberg led company was found guilty in doing so and so had to face the harsh penalty.

Meanwhile, Zuckerberg has taken account of the situation and disclosed that his company will try to upgrade all its privacy laws to avoid the outcomes of any such lawsuits in the future.

Sheryl Sandberg, the COO of Facebook added that his company will remain committed to offering the best privacy to its users shortly.

Conversely, the lawsuit announcement did partial damage to the stocks of the FB Company early this week as the price dropped by 7.3% which is a loss to think deeply upon- as per the trade analysts.

Since, 2018, Facebook which has been marred by various data privacy-related controversies is trying its best in winning back the trust of its customers these days. On one hand, the company is hitting the news headlines for data leaks and collection of sensitive info from users without their consent; it is also found doing its best in protecting all concerns related to the privacy of users on a full scale.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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