The Federal Trade Commission is looking at Facebook.
The FTC’s Bureau of Consumer Protection confirmed today in a statement that, after the recent scrutiny over the social media network, they have an open investigation into Facebook’s privacy practices:
The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers. Foremost among these tools is enforcement action against companies that fail to honor their privacy promises, including to comply with Privacy Shield, or that engage in unfair acts that cause substantial injury to consumers in violation of the FTC Act. Companies who have settled previous FTC actions must also comply with FTC order provisions imposing privacy and data security requirements. Accordingly, the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices.
Facebook came into the spotlight after reports on the user data obtained by Cambridge Analytica. Mark Zuckerberg made several public statements saying it was a violation of trust and multiple lawmakers have called for Zuckerberg himself to testify before Congress.
Per CNBC, Facebook’s stock plunged after the FTC’s statement this morning.
The company’s deputy chief privacy officer Rob Sherman told CNN, “We remain strongly committed to protecting people’s information. We appreciate the opportunity to answer questions the FTC may have.”
[image via screengrab]
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