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Facebook to set up privacy committee and pay $5B in FTC settlement

The US Federal Trades Commission (FTC) is set to announce that Facebook has agreed to pay the fine of $5 billion imposed on it and set up a board committee on privacy, reports Reuters. Mark Zuckerberg will also have to reportedly certify every three months that his company is safeguarding user privacy. The FTC will also likely allege Facebook of not providing sufficient information to about 30 million users about a facial recognition tool. According to another report, the Securities and Exchange Commission (SEC) is also expected to announce a settlement with Facebook for around $100 million over allegations that it didn’t disclose risks to investors over its privacy practices. Also note that creating new privacy positions within the company as part of the settlement with the FTC was something that we had earlier reported in May.  FTC's fine has faced…

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