The Federal Trade Commission and Facebook are deep in negotiations in what could be a multi-billion dollar fine related to the Cambridge Analytica data scandal according to an article in the Washington Post. The paper reported that the the FTC probe began when a report was made in March of 2018 that Cambridge Analytica had improperly accessed the data of 87 million Facebook users. Thus far, the agency`s biggest fine handed to a tech company to date was in 2012 when Google agreed to pay $22.5 million in penalties on improper privacy practices.
If Facebook and the FTC agree on this settlement, it will likely be in the billions and of course be the largest settlement ever that the FTC imposed against a tech company. We have a feeling that this could be the first of high-profile decisions for big tech. Silicon Valley is now on the radar of watchdogs in the US government.
Apple was forced to pay back taxes to the Irish government, in a legal action that went to the European Court of Justice. The final decision was that Apple must pay $15 billion in back taxes. Apple started paying the fine already. The tech giants are under scrutiny as they are said to have become too powerful and in some cases have access to personal information. The backlash from the consumer and the average citizen will continue to grow.