Facebook and Twitter could reportedly be fined up to £20 million if they don't tackle online bullying

Social media firms like Facebook and Twitter could face fines of up to £20 million if they fail to tackle cyber bullying on their platforms, according to a report from The Sun on Sunday.

Digital Minister Matt Hancock reportedly announced new powers on Sunday that will force some of America's biggest tech companies to make their platforms "age appropriate."

Under the reforms, tech firms will reportedly have to ensure that children's accounts have the highest possible privacy settings as default.

"This statutory code will require tailored protections to be built into websites and apps for children under 16," Hancock reportedly told The Sun.

"We all want rules in place so children can be safe and protected online. And at the moment that's not happening."

The Department for Digital, Culture, Media & Sport, which Hancock leads, did not immediately respond to Business Insider's request for comment.

Although The Sun calls out Facebook and Twitter, it's likely that other platforms such as YouTube and Instagram will be impacted by the new laws.

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