In March 2018, a data mining firm, Cambridge Analytica, obtained access to 87 million users Facebook profiles and they were given access to personal information through third-part app on Facebook. Co-founder of Facebook, Mark Zuckerberg, apologised verbally during the interview with CNN and in the full-page newspaper ads days after the interview.
World’s largest social media company, Facebook, faced a sharp drop in stock market share and erased close to $50 billion of the company’s market cap.
#DeleteFacebook Campaign
According to the study, 74 percent of users have either changed the settings of their privacy, stopped using Facebook for a short period, or deleted the app from their phones. Government authorities look into the matter.
Restore Trust
To restore public’s trust, Mark Zuckerberg posted on his Facebook explaining he cares for all his users and the company has a list of plan to ensure nothing similar to this incident will happen again.
Let’s look into the company plan:
- Facebook promised to investigate all third-parties that have access to the data
- Facebook planned to revoke the third-part add-on apps that users have not access for more than 3 months
- Facebook will restrict the data shared to be name, email and profile people. For more data access, have to go through Facebook Developers’ approval
- Options will appear at the top of News Feeds for easily revoke app permissions
After reading about Facebook’s biggest scandal, what are your thoughts about your personal data on social media? Are they as safe as you thought it would be? Share with me in the comment box below! Cheers! ❤️
Peili's Digital Marketing Blog 
Hey Peili! Another well-written blog post!
The news came as a complete shock! In spite of the fact that millions of users were affected by the scandal, I think that Facebook had handled the situation well by outlining the action the company plans to take. According to this article (https://techcrunch.com/2018/12/28/mark-zuckerberg-tonedeaf-end-of-year-remarks/), Mark Zuckerberg is well pleased of the progress Facebook has made after the scandal.
What do you think about Mark Zuckerberg’s leadership qualities? I look forward to hearing from you soon! 😊
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Hello Yong Xun!
I cannot agree with you more, Mark Zuckerberg did handle this Facebook scandal really well. Not only he outlined the action Facebook plans to take, during the interview with CNN, but he also admitted his mistakes and mentioned that he is responsible for the incident. Even though people lay the blame on him for not addressing the scandal immediately, I am impressed with the future Facebook company plans he and his team came up with within the short period of time. I would like to share with you this YouTube video ‘Facebook CEO Mark Zuckerberg answers questions, addresses the possibility of regulation’ (https://www.youtube.com/watch?v=DttOQhE0ksg)
To know more about Mark Zuckerberg’s leadership style, I would like to recommend you to read this interesting article (https://futureofworking.com/6-mark-zuckerberg-leadership-style-traits/)
Share with your thoughts after watching the video and article! Cheers! 😊
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How irresponsible of Facebook! Your post has given me insights on the whole Facebook privacy saga. The constant debate of data security online has made me wonder. Do you think that, certain value-adding services might be missed out with the current culture of data privacy? Do let me know your thoughts.
Check out my blog when you have the chance!
https://digitalmarketingblog.business.blog
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Hello Sheng Kai! Thank you for your comment! 😄
In the past few years, organizations have to generate value from the data they collect about customers or service users. Customers and users are collections of “data points” and organizations recognise trends from the analysis of the data points (also known as Big Data). (https://iapp.org/news/a/can-we-balance-data-protection-with-value-creation/) This is an interesting read on ten ways to improve data security. (https://www.lepide.com/blog/ten-ways-to-improve-data-security/) The article mentioned the importance of protecting the data, encrypt all devices and cybersecurity! 😊I hope you enjoyed and learned something new!! Cheers!
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Hi Pei Li! Another interesting read.
After the Cambridge Analytica scandal, trust level in Facebook has significantly dropped by 66%. [https://www.nbcnews.com/business/consumer/trust-facebook-has-dropped-51-percent-cambridge-analytica-scandal-n867011] 9% of those surveyed said they had already stopped using Facebook. Another 31% said they were very likely to stop or to use it less. Is that the reason behind the sharp drop in market share?
Look forward to hearing from you, Pei Li. Have a great day ahead! 😊
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Hello Chin! Thank you for your comment! 😊😊
Facebook wiped nearly US$40 billion off its market value as the Facebook investors were worried that new legislation could damage the company’s advertising business. (https://www.straitstimes.com/business/companies-markets/facebook-shares-fall-as-pressure-mounts-on-zuckerberg-over-data-exposure) I understand the reasons why the investors were deeply concerned. After all, Facebook is the largest social media in the world. They have close to 2.7 billion users worldwide. I would like to share with you this insightful article regarding the sharp drop in the Facebook market share! (https://www.investopedia.com/news/facebook-stock-seen-dropping-new-low/) Let me know your thoughts!
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Hellooooo Peili! Great post.
I know about this Facebook scandal last year but I wasn’t aware there was a #DeleteFacebook campaign. 😱😱😱Would you share with me more about the #DeleteFacebook campaign?
Can’t wait to know more about it! Heheee! Have a nice day, Peili! 🙂
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Hey Amenda! Thank you for taking the time to read and comment on my blog post! Appreciate it!
There’s a very insightful article by Quartz that I would like to share with you. The article discussed despite all the #deletefacebook talk and influences, users still couldn’t bring themselves to withdraw from the photo-sharing app. (https://qz.com/1236564/facebook-is-too-big-to-fail/) You will see how powerful is Facebook and the role it plays on our daily lives. Personally, I still use Facebook on a daily basis. 😛 I would say it’s addictive! Do you still use Facebook? What do you like about it? Let’s exchange thoughts!
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