Facebook insistent: Cambridge Analytica fiasco not a breach
This is the news: Cambridge Analytica, the data-analysis firm that helped Donald Trump win the 2016 election, broke Facebook’s rules when it bought information about 50 million profiles from a third-party. The third party in question is a university professor who claimed the information he was gathering was for academic purposes.
He created a quiz that let people log in with their Facebook accounts and asked them to allow access to their friend lists and apps. The result was a database of private information on 50 million people – so far, so good. Then, however, he sold it to Cambridge Analytica: that’s when the rules were broken.
Facebook’s share price has risen by 32% over the last 12 months
SOURCE: Yahoo Finance
Facebook’s message over the situation is very clear: this is not a data breach, we did nothing wrong, we are not the guilty party. All three of these statements are true, and the company is wise to reiterate them – it had its fair share of (perhaps deserved) blame in 2017 over fake news and dodgy ad sales. Its brand can’t afford to start taking hits for other people’s misdeeds.
Andrew Bosworth, a longtime Facebook executive, made the following statement via Twitter: “This was unequivocally not a data breach. People chose to share their data with third-party apps and if those third-party apps did not follow the agreements with us/users it is a violation.’’
The company has also issued a statement saying that its ability to “detect and prevent violations” by app developers on its platform has increased significantly.
Dominion holds Facebook in its Global Trends Ecommerce Fund.
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