Ever since news leaked Friday that the U.S. Federal Trade Commission had fined Facebook $5 billion over violations of its 2011 consent decree with the agency, the Twitterverse has been in a tizzy. There are those who cite it's the highest privacy enforcement fine in the FTC's history, and there are those who say $5 billion is a drop in the bucket to a company as rich as Facebook and therefore indicates a failure on the FTC's part to enforce consumer privacy. While there's merit in debating whether the fine is meaningful, a more important question for privacy pros might be what the implications are more broadly for companies' risk appetites and how this might impact discussions in both budgetary boardroom meetings, as well as at Congressional hearings on how to regulate privacy federally. In this exclusive for The Privacy Advisor, Editor Angelique Carson, CIPP/US, reports on reactions on either side.
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