Facebook and the Federal Trade Commission had a consistent message about the privacy settlement they announced Wednesday: It was a historic deal that will significantly change how the social media company conducts itself in the future. 

Both parties have a lot of persuading to do to convince critics. 

While the $5 billion fine Facebook agreed to pay amounts to little more than a pinprick for the company, Facebook agreed to adopt a handful of changes that take aim at what the FTC called the “unfettered control” that CEO Mark Zuckerberg has over the privacy of its users. But those new requirements—including a new privacy board that will have to oversee company compliance with the new privacy standards—were immediately greeted by scorching criticism from Facebook skeptics who had hoped for much stiffer penalties. The terms also sparked concern that the settlement could even help Facebook strengthen its iron grip on the social media market.