@Variety — #Twitter Expects To Pay Up To $250 Million In #FTC Fine Over Alleged #Privacy #Violations

Los Angeles, CA (Variety) — Twitter disclosed that it anticipates being forced to pay an FTC fine of $150 million to $250 million related to alleged violations over the social network's use of private data for advertising.

The company revealed the expected scope of the fine in a 10-Q filing with the SEC. Twitter said that on July 28 it received a draft complaint from the Federal Trade Commission alleging the company violated a 2011 consent order, which required Twitter to establish an information-security program designed to “protect non-public consumer information.”

“The allegations relate to the Company’s use of phone number and/or email address data provided for safety and security purposes for targeted advertising during periods between 2013 and 2019,” Twitter said in the filing.

Twitter's alleged violations of the FTC order are unrelated to the massive July 15 hack by cybercurrency scammers, in which the attackers hijacked and sent tweets from 40 accounts, including those of Joe Biden, Barack Obama, Elon Musk and Kanye West.

Twitter received the letter from the FTC after it reported second quarter results. The company said it recorded an accrual of $150 million, included on its balance sheet for Q2, related to the FTC probe. …

The company revealed the expected scope of the fine in a 10-Q filing with the SEC. Twitter said that on July 28 it received a draft complaint from the Federal Trade Commission alleging the company violated a 2011 consent order, which required Twitter to establish an information-security program designed to “protect non-public consumer information.”

Twitter’s alleged violations of the FTC order are unrelated to the massive July 15 hack by cybercurrency scammers, in which the attackers hijacked and sent tweets from 40 accounts, including those of Joe Biden, Barack Obama, Elon Musk and Kanye West. Todd Spangler/@Variety

Source: Variety, full story

 

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