Author: Nick Gates
In what was seen as a significant victory for consumer privacy, Facebook agreed to a record-breaking settlement over its role in the Cambridge Analytica data scandal.
The social media giant will have to pay a $725 million fine and take steps to improve its practices and protect user data.
The company must also submit to regular privacy audits and appoint an independent monitor to oversee its policies. This is a big step forward in ensuring that companies handle data responsibly and protect users’ privacy.
$725M for Settling Cambridge Analytica Case
The parent company of Facebook has agreed to pay $725 million to resolve a lawsuit.
Many presume that the most extensive social media network in the world permitted Cambridge Analytica to access the personal data of millions of its users.
Court papers filed revealed the settlement terms agreed upon by Meta Platforms, the parent company of Facebook and Instagram. It will still require a judge’s approval during a hearing scheduled for March at a federal court in San Francisco.
Using Facebook has become unsafe for users’ personal information.
The conflict began when it came to light that Cambridge Analytica had paid a Facebook developer for access to the personal data of roughly 87 million platform users. Using this data, U.S. voters were then explicitly targeted during the presidential campaign in 2016. As a result, Trump was elected as the 45th president at the end of this campaign.
Following the uproar, Zuckerberg, Facebook founder, was interrogated by American politicians during a prominent congressional session. Moreover, many pushed to call people to remove their accounts from Facebook.
Facebook’s growth has paused because more users connect and find fun on competing platforms like TikTok. Nonetheless, the social network claims to have 2 billion users globally, including about 200 million in the United States and Canada.
The potential of Facebook in the foreseeable future
The case, which was aiming to be registered as a class action on behalf of Facebook users, said that the privacy violation demonstrated Facebook’s status as both a social network and a “data broker and surveillance corporation.”
Just a couple weeks before the September court date, the two sides came to a temporary settlement in August. The Menlo Park, California-based corporation claimed in a statement on Friday that it wanted a compromise because it was in the interests of its shareholders and community.
According to the representative Dina El-Kassaby Luce: “Over the last three years, we revamped our approach to privacy and implemented a comprehensive privacy program.” “We look forward to continuing to build services people love and trust with privacy at the forefront.”
The Bottom Line
The Facebook Cambridge Analytica data scandal has been a long and winding road, but it appears that consumers have finally won a significant battle. With the settlement in place, Facebook must now pay a hefty fine and take steps to improve its practices and protect users’ data. As consumers, it is up to us to stay informed about our data privacy rights and hold companies to account for potential missteps. Make sure to remain vigilant and keep an eye on data privacy news.