SEC Probes Why Facebook Didn't Warn Sooner on Privacy Lapse; Facebook faces questions on what it knew and when about Cambridge Analytica's use of social-media data

The Securities and Exchange Commission's probe of the social-media company, , follows revelations that Cambridge Analytica, a data-analytics firm that had ties to President Donald Trump's 2016 campaign, got access to information on millions of Facebook users. The 2017 report didn't ad...

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Bibliographic Details
Published inWSJ Pro. Cyber Security
Main Authors Michaels, Dave, Wells, Georgia
Format Trade Publication Article
LanguageEnglish
Published New York Dow Jones & Company Inc 12.07.2018
Subjects
Access to information
Data integrity
Government agencies
Investigations
Kogan, Aleksandr
Privacy
Social networks
Stockholders
Trump, Donald J
Zuckerberg, Mark
New York
United States > US
Georgia
Online AccessGet full text

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Summary:The Securities and Exchange Commission's probe of the social-media company, , follows revelations that Cambridge Analytica, a data-analytics firm that had ties to President Donald Trump's 2016 campaign, got access to information on millions of Facebook users. The 2017 report didn't address the risk of app developers or other commercial entities such as Cambridge Analytica improperly obtaining user data, although Facebook warned if "developers fail to adopt or adhere to adequate data security practices ... our data or our users data may be improperly accessed, used or disclosed." "If Facebook is earning revenue from contracts with third-party venders that misuse private member data, yet failing to disclose that these contracts potentially violate global and U.S. privacy laws as well as whatever terms of use Facebook maintains with its members, this could raise a red flag for the SEC," Mr. Stark said.