“We have a responsibility to protect people’s privacy,” Zuckerberg said in a statement posted on his Facebook page. “We are already working hard to fulfill this responsibility, but now we have to create new privacy for our industry. standard.”
According to a media reports, on Wednesday, social networking giant Facebook CEO Mark Zuckerberg made a message to the US Federal Trade Commission (FTC) that it would impose a $5 billion fine on the company. Responding, claiming “to establish a new privacy standard.”
Zuckerberg said in a statement posted on his Facebook page: “We have a responsibility to protect people’s privacy, We are already working hard to fulfill this responsibility, but now we have to create new privacy for our industry. standard.”
As part of a record fine, Facebook was asked to adjust its privacy practices from the board to the developer. The FTC has also established a new mechanism to ensure that the company is responsible for any future privacy violations.
Zuckerberg said he and other executives will scrutinize future products, especially those that use data in new or adjusted ways to see if they meet their privacy commitments. To further this effort, Zuckerberg said that Facebook has appointed a “most experienced product leader” as the new product chief privacy officer.
Zuckerberg further adds: “We expect our company to need hundreds of engineers and more than 1,000 employees to complete this important work. We expect that as this process develops, it will take longer to develop new products.”
The following is the full text of the statement issued by Zuckerberg via FB Newsroom:
We have reached a formal settlement agreement with the US Federal Trade Commission on privacy issues. We have agreed to pay a record fine, but more importantly, we will make some major structural changes to the way we manufacture our products and operate our company.
We have a responsibility to protect people’s privacy. We have worked hard to fulfill this responsibility, but now we have to set a new standard for our industry.
As part of this settlement agreement, we will make our privacy control policy more compliant with the financial control requirements of Sarbanes-Oxley. Our executives, including me, will have to prove that all the work we supervise is in line with our privacy commitments. Just as our board of directors has an audit committee to oversee our financial control policies, we will set up a new privacy committee on the board to oversee our privacy program. We also hired one of the most experienced product owners to serve as the chief privacy officer for the product.
To achieve this, we must review our technology systems to document any potential privacy risks and our actions to address them. In the future, when we release new features that require the use of data or modify existing features to use the data in new ways, we must document all potential risks and the actions we take to eliminate them. We expect our company to need hundreds of engineers and more than 1,000 employees to complete this important work. We expect that as this process evolves, it will take longer to develop new products.
In general, these changes go beyond any requirements of existing US law. The reason I support them is that I believe they will reduce the number of times we make mistakes and help us provide stronger privacy protection for everyone.
Earlier this year, I proposed a privacy-centric vision for the future of social networking. In our efforts to achieve this goal, the most important thing is to get things right. Our company’s next focus is on launching the most powerful privacy protection, as well as the best privacy protection we offer. I am committed to doing this and providing our community with the best and most privacy-conscious social platform.