CEO Mark Zuckerberg speaks about Cambridge Analytica scandal
Breaking his silence on a plethora of issues, Facebook founder and CEO Mark Zuckerberg has gone on an interview rampage. From posting on Facebook and speaking to few media outlets, Mark Zuckerberg speaks about the Cambridge Analytica scandal.
What is the Cambridge Analytica scandal?
In brief, Cambridge Analytica, the data analytics firm which Trump campaign had used during 2016 presidential election is the one involved in the scandal. Millions of Facebook users personal data was accessed by Cambridge Analytica by using a quiz (app) created by Aleksandr Kogan on Facebook. Several years ago, Facebook had asked Cambridge Analytica to delete the data but didn’t confirm afterwards whether they had actually done so. The nefarious practices of Cambridge Analytica were exposed by the whistleblower Christopher Wylie, a former contractor, who spoke to The New York Times and The Guardian on how the data was never deleted.
Since the scandal, Facebook has roughly lost $40 billion in market capitalization.
In a post on Facebook, Mark Zuckerberg mentioned, We have a responsibility to protect your data, and if we can’t then we don’t deserve to serve you. I’ve been working to understand exactly what happened and how to make sure this doesn’t happen again. The good news is that the most important actions to prevent this from happening again today we have already taken years ago. But we also made mistakes, there’s more to do, and we need to step up and do it.
Facebook has hired a forensic firm, Stroz Friedberg to investigate the scandal.
In the wake of the scandal, U.S. lawmakers are asking Zuckerberg to testify on the matter. When asked If he would testify, Zuckerberg replied, “I’m open to doing that, We actually do this fairly regularly … There are lots of different topics that Congress needs and wants to know about, and the way that we approach it is that our responsibility is to make sure that they have access to all of the information that they need to have. So I’m open to doing it if I’m the right person.” He also apologized and said, “We let the community down and I feel really bad and I’m sorry about that,” he said. Earlier, and in this interview, he had called the mistakes a “breach of trust” with its users.
Speaking to CNN’s Laurie Segall, Mark Zuckerberg said, “I actually am not sure we shouldn’t be regulated, “You know, I think in general, technology is an increasingly important trend in the world, and I actually think the question is more, ‘What is the right regulation?’ rather than, ‘Yes or no, should it be regulated?”
Increased data regulation could be the worst case scenario for Facebook, which would mean its advertising business taking a hit as it relies on collecting tons of data from its users.