Five billion dollars. That’s the apparent size of Facebook’s latest fine for violating data privacy.
While many believe the sum is simply a slap on the wrist for a behemoth like Facebook, it’s still the largest amount the Federal Trade Commission has ever levied on a technology company.
While incumbents like Facebook are struggling with their data, startups in highly-regulated, “Third Wave” industries can take advantage by using a data strategy one would least expect: ethics. Beyond complying with regulations, startups that embrace ethics look out for their customers’ best interests, cultivate long-term trust — and avoid billion dollar fines.