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Facebook Stock Tanks after Data Breach Report & Facebook Is Reportedly Under FTC Investigation Over Its Handling of User Data

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(Shannon Liao) Facebook’s stock has tanked after revelations that the company had shared the data of up to 50 million users with the political data analytics company Cambridge Analytica. By noon ET on Monday, it’s dropped by nearly 7 percent — the most that Facebook has fallen in a single day in over five years.

Related Facebook Tracks Ominously Specific Details About Your Life—FOREVER—Here’s How to See It

Source – The Verge

Facebook Stock Tanks After Data Breach Report, Shaving Billions Off Company’s Market Value

by Shannon Liao, March 19th, 2018

Within the indexes for major tech and financial companies like the Nasdaq 100 and the S&P 500, Facebook was the biggest loser today, reports Bloomberg. The loss cut into Facebook’s market capitalization by around $43 billion, or $15 per share. It began steadily climbing since the mid-day mark. Other publicly traded social network companies are also seeing the effects, with declines on both Twitter and Snap this morning.

On Friday, Facebook announced that it had suspended Cambridge Analytica for violating its Terms of Service by sharing millions of users’ data without their consent. Cambridge Analytica is partly owned by hedge fund billionaire Robert Mercer and played a role in Trump’s 2016 presidential campaign, and the connection raises continued concerns over the influence Facebook had in the election.

According to The New York Times, the co-founder of Cambridge Analytica, Christopher Wylie, led an initiative starting in 2014 to help political campaigns gain data on people’s political orientations and personal details. The company could not easily obtain such data through its own means, so it harvested data from Facebook instead.

By creating the app “thisisyourdigitallife” in 2015, University of Cambridge psychology professor Dr. Aleksandr Kogan obtained permission to access user account data and information about the friends of each person who downloaded the app. In a statement, Facebook said, “Kogan gained access to this information in a legitimate way and through the proper channels that governed all developers on Facebook at that time.”

Source – The Verge

Facebook Is Reportedly Under FTC Investigation Over Its Handling of User Data

by Colin Lecher, March 20th, 2018

The Federal Trade Commission is investigating whether Facebook violated a government privacy agreement by allowing Cambridge Analytica to obtain users’ personal data, according to a report from Bloomberg.

“We remain strongly committed to protecting people’s information,” Facebook’s Deputy Chief Privacy Officer Rob Sherman said in a statement. “We appreciate the opportunity to answer questions the FTC may have.”

Facebook agreed to the settlement, known as a consent decree, in 2011, after allegedly deceiving users over how much personal information they were sharing. The FTC argued that Facebook had misled users by not explaining, among other problems, how much data third-party apps received. As part of the settlement, Facebook agreed to rules governing its users’ privacy, including receiving express consent before using data beyond privacy settings.

“We are aware of the issues that have been raised but cannot comment on whether we are investigating,” an FTC spokesperson said in a statem. “We take any allegations of violations of our consent decrees very seriously as we did in 2012 in a privacy case involving Google.”

After news broke last week that Cambridge Analytica obtained information on 50 million Facebook users through a seemingly innocuous app, starting in 2014, some former FTC officials behind the 2011 order speculated yesterday in The Washington Post about whether Facebook had violated the decree. If the FTC ultimately decides Facebook did violate the agreement, the company could be open to millions in fines, according to the Post — not to mention even more public outrage for violating the landmark privacy deal.

Facebook is expected to address the scandal at an internal meeting this morning.

Stillness in the Storm Editor’s note: Did you find a spelling error or grammar mistake? Do you think this article needs a correction or update? Or do you just have some feedback? Send us an email at [email protected] with the error, headline and url. Thank you for reading.

Sources:

https://www.theverge.com/2018/3/19/17139642/facebook-stock-fall-market-cap-data-breach-cambridge-analytica

https://www.theverge.com/2018/3/20/17142680/facebook-ftc-investigation-user-data-cambridge-analytica

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