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Facebook facing an question of trust, observes GlobalData

March 23, 2018 Headline News, Social Media No Comments Email Email

With Facebook’s stock value reportedly falling by $36bn (Monday 19th March 2018) as the company comes under  pressure from policymakers to explain how data collected from 50 million facebook users was exploited for political gain, Lynnette Luna Principal Technology Analyst at GlobalData, a leading data and analytics company commented,‘‘Data privacy has always been bubbling under the surface as a concern for Facebook users.http://www.tourismthailand.org/landing/landing_en.html

Trust is the lifeblood of Facebook’s business. If it loses that, it will lose more than its stock price in the long run.’

With the social media giant’s own end users, regulators and shareholders, already concerned about fake news and election hacking the company has work to do to ensure that trust in the organization is maintained.’

This situation is damaging because it involves user information—from 50 million accounts—that was spread and kept out of Facebook’s control and without it’s users’ consent.’

Cambridge Analytica was able to get information from millions of Facebook users rather easily and store that data for years without Facebook knowing. To the public, this appears to be quite a flaw in Facebook’s ability to keep sole control over its information.’

Facebook must be concerned that this data breach incident could be the straw that breaks the camel’s back for regulators.’

Regulation will stifle Facebook’s main value proposition: The ability for advertisers to use granular data to target receptive audiences.’’

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