Friday, 25 May, 2018

Facebook CTO Mike Schroepfer grilled by UK MPs over data breach scandal

Facebook CEO Mark Zuckerberg Facebook CEO Mark Zuckerberg
Glenn Montgomery | 27 April, 2018, 01:00

It's important to note the Cambridge Analytica crisis broke towards the end of the quarter and could take some time to have a material impact, if at all, on the world's largest social media network.

When Facebook opened up its platform to third-party developers in 2007, it helped drive hundreds of millions of new users to the social network. "It was a mistake not to inform people at the time", Schroepfer was forced to concede.

"The idea that this data is accurate, I would say, is scientifically ridiculous", he said.

Committee Chairman Damian Collins announced Nix's decision a day before his scheduled appearance but flatly rejected the notion that he should be let off the hook, saying Nix hasn't been charged with a crime and there are no active legal proceedings against him.

The tone changes about midway through, when the narrator states, "But then something happened: we had to deal with spam, clickbait, fake news, and data misuse".

Schroepfer admitted that Facebook had been "slow" in realising how its data was being used following revelations that British communications firm Cambridge Analytica mined information on around 90 million users. It has been notifying users of whether their data was shared.

And, just in case anyone was concerned advertisers might be leaving Facebook over ongoing concerns, COO Sheryl Sandberg confirmed that the company hadn't observed a "meaningful trend" of advertisers departing. The company worked for the Donald Trump campaign briefly after switching from Ted Cruz when the latter pulled out of the race.

Kogan claimed a prior testimony given to the British government by Alexander Nix, the suspended former CEO of Cambridge Analytica, contained fabrications. JPMorgan Chase set a $230.00 target price on shares of Facebook and gave the stock a "buy" rating in a report on Monday, January 8th.

On a conference call with analysts Wednesday, Zuckerberg stressed that he remains committed to the advertising business model that has powered Facebook so far even amid the data privacy backlash.

"I don't know specifically", said Mr Schroepfer.

Earlier this month, Mr Zuckerberg apologised to U.S. senators for issues that have beset Facebook, including shortcomings over data protection. These measures include a "view ads" button that allows users to see any of the adverts that a page is showing on Facebook, Messenger, and Instagram. It hurts when people abuse our platform. "I wouldn't want to work at a company that I didn't believe had integrity".

Last quarter, Zuckerberg touted surprising new metrics that people were spending fewer hours per day on Facebook - a effect of the company's new push to emphasise the quality of interactions on its platform over the popularity of content.

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