Facebook is expecting to pay a hefty $5 billion fine to the Federal Trade Commission (FTC) for breaching consumer privacy rights.

Facebook is looking at a significant penalty, not only for itself but also for the FTC, which has never imposed such a huge fine for privacy violations. The company has committed to implementing new safeguards for user data. Mark Zuckerberg, the CEO of Facebook, stated on the platform, “We’ve agreed to pay a groundbreaking fine, but more importantly, we’re going to make substantial changes to how we develop products and manage this company.” This “historic” fine is part of a settlement following a year-long probe into Facebook triggered by the Cambridge Analytica scandal. As part of the settlement, the social media giant must introduce a framework of oversight that will be applied to Facebook, Instagram, and WhatsApp. Additionally, Facebook is set to launch a data security initiative aimed at safeguarding user information.

In addition to resolving its FTC concerns, Facebook has also settled with the Securities and Exchange Commission (SEC) for $100 million. The SEC had brought forth separate charges related to data misuse against Facebook. Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement, remarked in a statement, “As alleged in our complaint, Facebook portrayed the risk of data misuse as hypothetical when they were aware that user data had indeed been misused.”