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> 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

> 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.

throwaway2048 7y ago
The biggest thing that makes the 5 billion fine a bargin: The FTC settlement indemnifies Facebook for "any and all claims prior to June 12, 2019"
- thfuran 7y ago
  Does that mean claims already raised by then or claims pertaining to actions earlier than then? The former seems like a bad idea and the latter seems like it shouldn't even be possible.
almost_usual 7y ago
The independent party for privacy review is a much bigger deal than the fine. This out of Mark Zuckerberg's control now, they will be audited constantly for any product changes they make. "As part of Facebook’s order-mandated privacy program, which covers WhatsApp and Instagram, Facebook must conduct a privacy review of every new or modified product, service, or practice before it is implemented, and document its decisions about user privacy. The designated compliance officers must generate a quarterly privacy review report, which they must share with the CEO and the independent assessor, as well as with the FTC upon request by the agency."
- jiveturkey 7y ago
  At FB level, this is already a requirement for GDPR. The only difference is that it must be shared with an independent assessor rather than held strictly internally.
  - almost_usual 7y ago
    That seems like a pretty huge difference.
    - jiveturkey 7y ago
      It's not that big. FB gets to choose the assessor.
wutbrodo 7y ago
"Fined $5B by regulators" doesn't usually have the PR effect of making a company seem trustworthy. It gives the company the reputation, validated by regulators in the eyes of the public, that they were caught doing something egregious and will likely do it again if they think they can get away with it. I've never heard someone express the point you're making: can you think of any example where the PR impact turned out that way?

throwaway2048 7y ago

The biggest thing that makes the 5 billion fine a bargin: The FTC settlement indemnifies Facebook for "any and all claims prior to June 12, 2019"

thfuran 7y ago
Does that mean claims already raised by then or claims pertaining to actions earlier than then? The former seems like a bad idea and the latter seems like it shouldn't even be possible.

almost_usual 7y ago

The independent party for privacy review is a much bigger deal than the fine. This out of Mark Zuckerberg's control now, they will be audited constantly for any product changes they make. "As part of Facebook’s order-mandated privacy program, which covers WhatsApp and Instagram, Facebook must conduct a privacy review of every new or modified product, service, or practice before it is implemented, and document its decisions about user privacy. The designated compliance officers must generate a quarterly privacy review report, which they must share with the CEO and the independent assessor, as well as with the FTC upon request by the agency."

jiveturkey 7y ago
At FB level, this is already a requirement for GDPR. The only difference is that it must be shared with an independent assessor rather than held strictly internally.
- almost_usual 7y ago
  That seems like a pretty huge difference.
  - jiveturkey 7y ago
    It's not that big. FB gets to choose the assessor.

wutbrodo 7y ago

"Fined $5B by regulators" doesn't usually have the PR effect of making a company seem trustworthy. It gives the company the reputation, validated by regulators in the eyes of the public, that they were caught doing something egregious and will likely do it again if they think they can get away with it. I've never heard someone express the point you're making: can you think of any example where the PR impact turned out that way?