Facebook privacy breach

Personal data from 50 million American voters from Facebook was collected and subsequently used by the political consulting company Cambridge Analytica. The development scandal not only reduces the market value of social networks by billions of dollars, it also raises questions about its role in the democratic process. This is the best news in the UK's Financial Times news coverage.

When news occurred in March that Cambridge Analytics Inc. (CA) secretly collected user data, Zuck denied all of the reality and Facebook privacy violations. Indeed, FB has long been familiar with this data mining, but it is reported that it ignores it. At the same time, tens of millions of FB users leaked their personal data to the CA without knowing it. Now Facebook is facing a negative fire for three consecutive weeks. This permanent bad news cycle burned the brand image of FB and the stock price plummeted. Other horrible results include losing the trust of long-standing faithful users and significantly damaging the morale of Facebook employees.

The instability and personal nature of work done on Facebook highlights catastrophes that privacy violations may bring to Facebook users and makes technology giants more accountable. After the latest Cambridge Analytica scandal, Facebook recently announced improvements to privacy settings by providing better visibility.

It is not just Facebook that suffered a serious loss due to privacy violations. Recent data breach of Equifax damaged the company by at least 4 billion dollars. In order to recover from privacy violation, it is necessary not only to restore customer trust but also to improve data practice and storage system. Ponemon Institute's survey shows that the average data breach cost is over $ 7 million. Facebook scandal brings data security and privacy to the consumer's mind simply because of the size and importance of the platform.

Privacy and data security vulnerabilities are headline producers. Even last year alone Evernote, Facebook, Microsoft, Sony forced declaration of security holes. Adobe has experienced the largest data breach (152 million records) so far, but the target and Pinterest each ranked the last 10 data breaches (by data loss). However, this directive has become the most lobby law on the Atlantic side. The regulatory requirements remain unclear and it is difficult for technology companies operating in the UK and Europe to assess the full impact or to determine when the regulation will come into force