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Constant controversy hasn't stopped Facebook from making money
When it comes to public perception, Facebook hasn't had the best 2018 so far. Over the past few months, the company's been working hard to clean up its image after dealing with a series of nightmares, including the idea that the site was becoming toxic and, most recently, the Cambridge Analytica data privacy scandal that led CEO Mark Zuckerberg to testify before US Congress. But business goes on, and today Facebook released its Q1 2018 earnings report, which shows it made a revenue of $11.97 billion, an insane 49 percent year-over-year increase.
Senate bill would require clearly worded terms for online data privacy
Senators Amy Klobuchar (D-MN) and John Kennedy (R-LA) have introduced a new bill aimed at protecting consumers' online data privacy. They announced plans for such a bill earlier this month after Mark Zuckerberg testified before Congress. "Every day companies profit off of the data they're collecting from Americans, yet leave consumers completely in the dark about how their personal information, online behavior, and private messages are being used," Senator Klobuchar said in a statement. "Consumers should have the right to control their personal data and that means allowing them to opt out of having their data collected and tracked and alerting them within 72 hours when a privacy violation occurs and their personal information may be compromised. The digital space can't keep operating like the Wild West at the expense of our privacy."
Mark Zuckerberg got grilled by Congress. Was it worth it?
On Tuesday and Wednesday, Zuckerberg gave testimony to Congress in response to his company's role in the Cambridge Analytica scandal, Russian election interference and his website's utter nightmare of data privacy. He impressed people by wearing his absolute nicest human suit.
Tougher regulation of Facebook is inevitable
Two long days of congressional hearings have come to an end for Mark Zuckerberg. But the embattled Facebook CEO seems to have left members of Congress with more questions than answers about his company's handling of user data, leading a number of them (Democrats and Republicans) to float the idea of tougher regulations. Although more oversight means the government could keep a closer eye on how Facebook operates, there's concern in the tech industry (and among free-market Republicans) that it could stifle innovation. That's because only companies with deep pockets are likely to have the necessary resources to comply: While Facebook has the means to hire 15,000 people to monitor security, that may be hard for a startup to do.
Facebook CEO: Europe's GDPR standards to be implemented worldwide
Mark Zuckerberg's Congressional testimony continues today as he speaks to the House Energy & Commerce Committee. During questioning, Congressman Gene Green asked the Facebook CEO about Europe's new General Data Protection Regulation (GDPR) and inquired as to whether the requirements set by that set of regulations will be applied outside of Europe. Previously, Zuckerberg has said that the company wouldn't necessarily be extending those user protections in full elsewhere in the world, telling Reuters earlier this month that he agreed with GDPR "in spirit" but not going so far as to say that it would be adopted as a worldwide standard. "We're still nailing down details on this, but it should directionally be, in spirit, the whole thing," he said at the time. Today, however, Zuckerberg changed his tune a little saying GDPR would be the standard going forward.
Cambridge Analytica accessed Mark Zuckerberg's data, too
Mark Zuckerberg had his data accessed by Cambridge Analytica, too. In today's Congressional hearings, the Facebook CEO admitted that even his personal information wasn't safe. As part of a rapid-fire four-minute question and answer session, congresswoman Anna Eshoo from California asked Zuckerberg, simply, if his personal data was sold to malicious third parties along with that of 87 million other Facebook account holders. "Yes," he answered. See, tech CEOs are just like us.
House committee presses Zuckerberg over privacy policy ‘minefield'
The second round of congressional hearings for Mark Zuckerberg is happening now, as he testifies before the House Energy and Commerce Committee. Facebook's co-founder and CEO was questioned for over five hours on Tuesday by the Senate Commerce and Judiciary Committees, with senators urging him to avoid a "nightmare" for users on his site. That, of course, after Facebook failed to protect personal data of up to 87 million users from being misused by political research firm Cambridge Analytica. Zuckerberg's opening statement today echoed what he said during the first hearing: "It was my mistake, and I'm sorry. I started this company and I'm responsible for what happens here."
Senators urge Zuckerberg to avoid 'nightmare' for Facebook users
As expected, Facebook co-founder and CEO Mark Zuckerberg was on Capitol Hill today to testify before the Senate Commerce and Judiciary Committees. It was the first of two congressional hearings Zuckerberg is scheduled to attend this week, with the other taking place tomorrow in front of the House Energy and Commerce Committee. Senator John Thune (R–South Dakota) opened the hearing by saying that tech companies need to do more to protect user data and prevent harmful conduct on their platforms. "You have an obligation to ensure that [the American] dream doesn't become a nightmare for the scores of people who use Facebook," he said to Zuckerberg, referencing the company's recent mishaps, including the Cambridge Analytica (CA) scandal.
Facebook's bounty program offers rewards for reporting data abuse
It's an understatement that Facebook has found itself in some hot water lately in regard to data privacy, thanks to the Cambridge Analytica scandal. CEO and founder Mark Zuckerberg is testifying in front of Congress today and tomorrow in regard to the company's actions and the ways it has used personal data. Today, Facebook introduced the Data Abuse Bounty program, which will reward the social network's users for reporting apps that misuse data.
Facebook to open up its data for research on social media and elections
Facebook announced a new initiative today aimed at improving its policies and the role its platform plays in elections. The company acknowledged that it was slow to respond to election interference efforts that took place on its site and says it wants to learn more about social media's role in elections around the world. To do that, it's putting together a group of researchers that will then develop a research plan, get proposals for projects that address issues defined in its plan and manage a peer review process that will determine who will receive funding and access to Facebook data for their research.
Zuckerberg: Nobody has been fired over Cambridge Analytica
Facebook has been ramping up its damage control as outrage continues over the Cambridge Analytica mess. But it seems nobody at the social media company has been let go as a consequence. On a media conference call, Mark Zuckerberg confirmed that no employee was fired in the wake of the scandal because, in his words, it's his fault: "At the end of the day this is my responsibility," he said.
Mark Zuckerberg: We didn’t do enough to keep users safe
In light of the news that Facebook has rewritten its data policy, and that Cambridge Analytica may have had up to 87 million users' data, founder and CEO Mark Zuckerberg hosted a call with the media to discuss the company's efforts to better protect people's information. Zuckerberg began by sending his condolences to everyone at YouTube after Tuesday's shooting at its headquarters in San Bruno, California, where multiple people were injured by a lone attacker. He then went on talk about the state of Facebook and said that the social network didn't do enough to prevent abuse of its platform, from the spread of fake news to not properly protecting user data.
Facebook is hosting an online abuse summit with other tech leaders
Facebook is trying to bring all the wars it's fighting under one roof. At the "Fighting Abuse @Scale" conference later next month, the social network will host talks on combating fake news, online fraud, spam and abuse in general. There's a special focus on how the different companies in attendance are using AI and machine learning to achieve their goals.
EU approves stricter data-protection rules
The European Parliament today voted in favor of broad new data-protection laws that apply to any company operating within the European Union, regardless of where it is based. First proposed more than four years ago, they represent a significant modernization of regulations drawn up in 1995, long before the internet and digital services had matured to the point they're at now. Various EU authorities agreed upon the rules late last year, and they were formally green-lit today. At their heart, the rules make companies more accountable for data protection and give citizens more control over the information held on them.
