Facebook CEO Mark Zuckerberg said on Wednesday that his company made mistakes in the data management of 50 million users and promised stricter measures to restrict developers’ access to this information.
The world’s largest social media network is currently being reviewed by the government in Europe and the United States about allegations by a whistleblower that Cambridge Analytica, a London-based consulting firm, has gathered information about American voters to help them choose Donald Trump. in 2016.
Zuckerberg, in his first public comments since the scandal erupted over the weekend, said in a Facebook post that the company “makes mistakes, there is more to do, and we need to step up and do the same.”
He did not say what the mistakes were, but he said the social network is planning to investigate platform applications, limit developers’ access to data, and provide members with a tool to make their Facebook data easier.
His plans do not represent a major reduction in the ability of advertisers to use Facebook data, which is the cornerstone of the company.
Zuckerberg later said to CNN: “It was a big breach of trust, I’m really sorry it happened, we have the responsibility to protect people’s data.”
He told CNN that Facebook had promised to stop interference in mid-term elections in the United States in November and elections in India and Brazil.
Zuckerberg said he was open to additional government regulation and would like to testify before the US Congress if he was the right person.
“I’m not sure we should not be regulated,” he said. “In fact, I think the question is more about what the right regulation is than yes or no, should this be arranged? … People should know who buys the ads they see on Facebook.”
Facebook shares recorded earnings on Wednesday after the release of Zuckerberg and closed 0.7%. The company has lost more than $ 45 billion worth of stock value over the past three days due to investor fears that a failure of major technology companies to protect personal information could discourage advertisers and users.
Facebook officials, including deputy privacy chief Rob Sherman, talked to the US Congress for nearly two hours on Wednesday and plan to continue their meetings on Thursday in the Capitol. Facebook has not been able to answer many questions, said two assistants who attended the meeting.
Zuckerberg told the Recode website that patches to protect user data would cost “several million dollars”.
The whistleblower who launched the scandal, Christopher Wylie, formerly of Cambridge Analytica, said in a tweet that he had accepted invitations to testify before American and British legislators.
The German government said that Facebook should explain whether the personal data of 30 million users in the country are protected against illegal use by third parties, according to a report in the Funke group of German regional newspapers.
On Tuesday, the leading group of Cambridge Analytica suspended its Chief Executive Alexander Nix, who was found in a mystery recording gloating that his organization assumed a definitive part of Trump’s triumph.
In any case, the scholarly who gave the information questioned that on Wednesday.
“I think what Cambridge Analytica has endeavored to offer is an enchantment, and they’ve made cases this is amazingly exact and it lets you know everything there is to tell you. In any case, I think actually it isn’t so much that,” clinician Aleksandr Kogan, a scholastic at Cambridge University, told the BBC in a meeting communicate on Wednesday.
Kogan, who accumulated the information by running a review application on Facebook, additionally said that he was being made a substitute by Facebook and Cambridge Analytica. The two organizations have pointed the finger at Kogan for charged information abuse.
Just 300,000 Facebook clients reacted to Kogan’s test, however that gave the analyst access to those individuals’ Facebook companions too, who had not consented to share data, delivering points of interest on 50 million clients.
Facebook has said it in this manner rolled out improvements that keep individuals from sharing information about companions and keeps up that no information break happened in light of the fact that the first clients gave consent. Commentators say that it basically was a rupture since information of clueless companions was taken.
Facebook prohibited Cambridge Analytica from utilizing any of Facebook’s administrations on Friday.
Zuckerberg said the organization “will limit designers’ information get much further to anticipate different sorts of manhandling” and that the organization is working with controllers as they explore what happened.
Numerous examiners have now raised worries that the occurrence will negatively affect client engagement with Facebook, conceivably lessening its clout with promoters. Three Wall Street financiers cut their value targets.
“Speculators now need to consider regardless of whether the organization will reason that it has developed in a way that has turned out to be untenable or whether it needs to essentially enhance how it is overseen,” said Pivotal Research Group expert Brian Wieser.
Facebook shares are down in excess of 8 percent since Friday. The organization has risen in excess of 550 percent in esteem in the previous five years.