FTC Settlement to Force Facebook to Hire Federally Approved Privacy Exec: Report

Facebook may be forced to create an independent privacy oversight team as part of its settlement with the Federal Trade Commission, a source familiar with the negotiations told Politico. That would mean the company would have to hire a federally approved privacy official—as well as facing a record fine of as much as $5 billion. The FTC would reportedly have veto power over the choice the official, who will have the title of “assessor.” If the draft agreement goes ahead, it will also see Chief Executive Mark Zuckerberg take on the role of “designated compliance officer” for the company's privacy policies, making him personally accountable for Facebook’s handling of the issue. The FTC’s investigation was launched over a year ago when the company was in the depths of the Cambridge Analytica crisis. The investigation probed whether the social-media company engaged in “unfair acts that cause substantial injury to consumers.”