The Federal Trade Commission has revealed the details of its $5 billion settlement with Facebook by MichaelFNunez
posted to his Facebook page. “We already work hard to live up to this responsibility, but now we’re going to set a completely new standard for our industry.”
Zuckerberg championed the new agreement in a statement and says he and other executives will now closely examine whether future products meet the company’s privacy commitments. “Just as we have an audit committee of our board to oversee financial controls, we’ll set up a new privacy committee of our board that will oversee our privacy program,” Zuckerberg said.
Facebook general counsel Colin Stretch said in a blog post on Wednesday that the agreement will “require a fundamental shift” in the way Facebook develops new products and how privacy is handled. “Going forward, our approach to privacy controls will parallel our approach to financial controls, with a rigorous design process and individual certifications intended to ensure that our controls are working—and that we find and fix them when they are not,” he said.
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