Meta will pay $725 million for a single Cambridge Analytica privacy settlement

Meta will pay $725 million for a single Cambridge Analytica privacy settlement

Meta, Facebook’s owner, agreed to settle a class action lawsuit for $725 million over the 2018 incident. Cambridge Analytica scandalAccording to lawyers speaking with The Advocate, this is the largest data privacy sum ever recorded. BBC. Facebook will not have to admit any wrongdoing in exchange for its role in the mishandling. Over 87 million users’ personal information Through third-party companies

The now-defunct Cambridge Analytica was one of those businesses that became a focal point in the Big Tech controversy due to its use of a small app’s cache of user data. Despite the fact that only 300,000 people installed an app called This Is Your Digital Life it was able to access users’ friend networks. Build a large set It then sold the “psychoanalytic profiles” of voters to Ted Cruz and Donald Trump’s 2016 presidential campaigns.

[Related:[Related:Meta layoffs more than 11,000 employees.]

The fallout that followed was quite alarming. Numerous congressional hearings involving Meta (then just Facebook) CEO Mark Zuckerberg, alongside an eventual Fines up to $5 billion In 2019, the Federal Trade Commission paid $500,000 to settle its own privacy investigations. As Engadget Details: Additional fines include a $100 million Settlement by the Securities and Exchange Commission, along with a $644,000 UK fine. This is a much higher number than it would have been otherwise. Much more If the European Union’s General Data Protection Regulations (GDPR). law had already gone into effect.

However, Meta’s legal problems surrounding the Cambridge Analytica scandal may not be over as it now faces an Continuating lawsuit By the Washington DC attorney general as well as Other lawsuits On Diverse issues Multiple state attorneys general

The $725 million fine for Meta is still a paltry amount in light of the fact that Meta is a huge tech company. One expert says this. Reuters It is “less than one tenth” of the expenses last year related to its “metaverse” project. It’s still a problem for Zuckerberg, who has witnessed Meta’s stock market tank. More than 60 percent A dramatic downturn in 2022 led to a Massive layoff announcement Last month, there were over 11,000 global workers.

Andrew Paul

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