Facebook, the social media platform hits news channels again. This is because of the Cambridge Analytica scandal. It seems that the company got away easily with the issue. This is apart from the bad publicity. However, this time the company has to pay the fine.
The social networking service provider recently releases its quarter report. This is about the first quarter of the current fiscal year. The report states the company has reasonably estimated a probable loss.
Facebook: expected loss by the company
The company is expecting a huge fine. It has recorded it as $3.0 billion regarding the inquiry of the Federal Trade Commission (FTC).
The company has involvement in a scandal. This is just a few months ago. Moreover, the scandal is a famous one since it is regarding the privacy of the users.
The case is a serious one because it is not a security breach by some hacking. It is Cambridge Analytica Scandal which involves sharing personal data of approximately 87 million users.
In 2018, Facebook came in the news for sharing data of its users. Moreover, this was done without their prior permission to a third party app.
The app then uses data of the users and gives it to Cambridge Analytica. And then this data is used up unethically in the presidential elections of 2016.
This is a serious issue because it involves security breach where personal information is at stake. Such a fine would obviously not bring bankruptcy to the company. However, this fine might be for the users that are affected.
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