In a Facebook post, CEO Mark Zuckerberg admits that his company needs to work harder to make Facebook a safer community for everyone. Read his apology letter here.
We have a responsibility to protect your data, and if we can’t then we don’t deserve to serve you. – Mark Zuckerberg
Facebook recently suffered a serious backlash after allegations of user privacy violations in March 2018. Allegedly, Cambridge Analytica lied when certifying that it had expunged private Facebook user data, resulting in a $37bn drop of Facebook’s market cap.
Opinion: Be Mindful of What You Share Online
How did ANYONE get access to that data in the first place? The graph below may have something to do with it.
That sudden growth in the stock value since 2013? Not by chance! Facebook added about $300bn in value since it actively started monetizing its users for cash. So take Zuckerberg’s apology with a grain of perspective.
After all, Facebook did not magically invent new industries in the past five years. It just got better at monetizing the people that trust his platform.
We will reduce the data you give an app when you sign in — to only your name, profile photo, and email address. – Mark Zuckerberg
It will take some time to regain trust, but we should be vigilant because Facebook may have been the first – but will not be the last.
“If your data can be misused – it will be misused.” – Alexander De Ridder’s First Law of online privacy.