A $5 billion fine for Facebook won’t fix privacy

Source: New York Times Editorial Board (Paid Registration)

The Federal Trade Commission issued a $5 billion fine against Facebook on Wednesday. It’s an eye-popping number for sure, one that blows previous fines out of the water.  It’s a number that makes for impressive headlines, but it is largely meaningless.

Yes, Facebook has agreed to sweeping new oversight of how the company handles personal data, which includes information like names, phone numbers, I.P. addresses and even biometric information. But the oversight largely consists of a mandatory privacy program to be created by Facebook, for Facebook.

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