stayontheblack.com

Business

Mark testifies before sceptical senators

Facebook

On Tuesday, Zuckerberg took questions from 44 senators seeking an explanation for how Facebook failed to prevent a data-mining company from gathering personal information on 87 million users and whether the company does enough to protect users' data.

And his company regained more than $25 billion in market value that is had lost since it was revealed in March that Cambridge Analytica, a data-mining firm affiliated with Donald Trump's presidential campaign, gathered personal information from 87 million users to try to influence elections.

"It is inevitable that there will need to be some regulation", Mr Zuckerberg said, but steered away from any specifics. They posted their biggest daily gain in almost two years on Tuesday as Zuckerberg managed to deter any specific discussion about new regulations that might hamper Facebook's ability to sell ads tailored to users' profiles.

Facebook CEO Mark Zuckerberg arrives to testify before a joint hearing of the Commerce and Judiciary Committees on Capitol Hill in Washington, Tuesday, April 10, 2018, about the use of Facebook data to target American voters in the 2016 election.

Facebook and Cambridge Analytica face multiple lawsuits over alleged misuse of personal information with at least five law firms in the United Kingdom and U.S. investigating claims for compensation.

When New York Representative Paul Tonko asked if Facebook should "bear the liability for the misuse of people's data", Zuckerberg responded that the company takes "responsibility", but refused to claim his company was liable, stating CA was exclusively at fault.

The Facebook chief executive also said that the social media network does not store data against the users' consent.

She said that "robust penalties" for breaches like Cambridge Analytica's could be put in place, even for "first-time violations".

"Was your data included in the data sold to the malicious third parties?"

Some people who received a Facebook alert about data sharing say they are second-guessing using the popular social media app.

When pressed again, Zuckerberg said: "I know that people use cookies on the internet, and that you can probably correlate activity between sessions".

Zuckerberg described FaceSmash as "a prank website that I launched in my dorm room", and then went on to imply that The Social Network, David Fincher's dramatized account of the creation of Facebook, obscured the truth and that the two were not connected in any way.

On the subject of fake news, Mr Zuckerberg said "one of my greatest regrets in running the company" was its slowness at uncovering and acting against disinformation campaigns by Russian trolls during the U.S. election.

This means all Facebook users are going to see a few changes next month. The irony of Zuckerberg's privacy being violated by everyone on the internet who has taken time to peruse the viral photo of his notes isn't lost on us.

The proliferation of so-called fake news has put Mr. Zuckerberg in an awkward spot, as the company promises to do a better job of weeding out propaganda and falsehoods but insists it can not police free speech.

The GDPR requires companies make terms and conditions easier to read and comprehend.

The problem of data privacy dominated the hearing, which was more focused and antagonistic than a hearing the day before in front of two Senate committees.