FTC To Impose 'record-setting Fine' Against Facebook: Reports

(RTTNews) - The Federal Trade Commission is reportedly considering to impose a "record-setting fine" against Facebook for allegedly failing to protect users' data.

According to the Washington Post, U.S. regulators have met to discuss imposing a record-setting fine against Facebook for violating a legally binding agreement with the government to protect the privacy of its users' personal data. Three people familiar with the discussions but unauthorized to speak on the record reportedly told the Post about the fine.

If Facebook is fined, then it would be the first major penalty slapped against the social networking giant in the US since reports emerged in March that Cambridge Analytica, a political consultancy, accessed personal information on about 87 million Facebook users without their knowledge.

Google was a slapped a hefty fine of $22.5 million by the FTC in 2012. The report says that Facebook is expected to get a bigger penalty. The fine in 2012 set a record for the greatest penalty for violating an agreement with the FTC.