It suggested this will make it faster for people to do things such as review the posts they have shared or reacted to, and to limit the information used to target ads at them.
Facebook Chief Executive Mark Zuckerberg has repeatedly apologised for the mistakes the company made and has promised to crack down on abuse of the Facebook platform and restrict developers' access to user information.
"We've also cleaned up outdated settings so it's clear what information can and can't be shared with apps", the blog reads. For example, Facebook announced in 2009 that it was consolidating six privacy pages and more than 30 settings on to a single privacy page.
"The last week showed how much more work we need to do to enforce our policies, and to help people understand how Facebook works and the choices they have over their data", the Facebook execs say.
Facebook said a new privacy shortcuts menu will allow users to quickly increase account security, manage who can see their information and activity on the site and control advertisements they see.
Yet mobile users still had to go to almost 20 different places to access all of their privacy controls.
Facebook's privacy settings are a mess, making it hard to do something like make it hard for someone to find your Facebook account.
The Ministry of Electronics and IT (Meity) today said that a notice seeking details relating to breach of data from Facebook had been sent to Cambridge Analytica particularly with regard to reports in the media about questionable practices attributed to the UK-based firm in their efforts to influence elections.
Facebook said on Wednesday it would overhaul its privacy settings tools to put users "more in control" of their information on the social media website. The rules are created to make it easier for consumers to give and withdraw consent for the use of their data.
The US Federal Trade Commission this week said it had launched a probe into whether the social network violated consumer protection laws or a 2011 court-approved agreement on protecting private user data.
"The recent news about Facebook's alleged mismanagement of users' data has solidified our decision to suspend our activity on the platform at this time", said a statement from Playboy. They apply to any company that collects data on European Union residents, no matter where it is based.
From the new centralized page, people will be able to opt out of sharing certain traits - for example, they can indicate that they no longer want to be identified as someone who loves cats.