Facebook wary of more users' data breaches in future
San Francisco, April 27: Facebook has warned investors that more users' data scandals in the future may adversely affect the social networking giant's reputation and brand image.
In its quarterly report shared with the US Securities and Exchange Commission (SEC), without mentioning Cambridge Analytica, Facebook said that its ongoing investments in safety, security, and content review will identify additional instances of misuse of user data.
"We may also be notified of such incidents or activity via the media or other third parties," Facebook said on Thursday.
Appearing before the US Congress, Facebook CEO Mark Zuckerberg told the lawmakers that his own personal data was part of 87 million users' that was "improperly shared" with the British political consultancy firm.
The data was gathered via a quiz app, "thisisyourdigitallife," developed by Aleksandr Kogan, then a psychology researcher with University of Cambridge, and his company Global Science Research (GSR) which pulled out Facebook users' data in 2014-2015.
Facebook warned investors that there may be more such data breaches in the future.
"Such incidents and activities may include the use of user data in a manner inconsistent with our terms or policies, the existence of false or undesirable user accounts, election interference, improper ad purchases, activities that threaten people's safety on- or off-line, or instances of spamming, scraping, or spreading misinformation.
"The discovery of the foregoing may negatively affect user trust and engagement, harm our reputation and brands, and adversely affect our business and financial results," the company said its quarterly report.
"Any such discoveries may also subject us to additional litigation and regulatory inquiries, which could subject us to monetary penalties and damages, divert management's time and attention, and lead to enhanced regulatory oversight," it added.
Facebook on Wednesday beat Wall Street's estimates by raking in $11.97 billion in revenue for the first quarter of 2018.
The social media giant reported $4.98 billion in profit -- up from $4.26 billion in the last quarter.
"Despite facing important challenges, our community continues to grow. More than 2.2 billion people now use Facebook every month and more than 1.4 billion people use it daily," Zuckerberg said in a statement.
Facebook added 70 million monthly active users (MAUs) to reach 2.196 billion users globally -- at 3.14 per cent growth rate.
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PM Modi, Serbian prez discuss ways to deepen cooperation across multiple sectors
New Delhi (PTI): Prime Minister Narendra Modi on Wednesday met President of Serbia Aleksandar Vučić and discussed ways to deepen cooperation in areas such as defence, manufacturing, fertilisers and infrastructure.
The meeting took place on the sidelines of the India AI Impact Summit being held here from February 16-20.
"Met President Aleksandar Vučić on the sidelines of the India AI Impact Summit. We discussed ways to deepen cooperation in areas such as defence, manufacturing, DPI, fertilisers and infrastructure. For many years, India and Serbia have worked closely and I am confident our ties will gain even more momentum in the times to come," Modi wrote on X.
Vučić said the two leaders were proud of the friendship between Serbia and India, and the people of the two nations.
"India is a reliable and important partner for us, and we want to deepen economic exchange and encourage new investment projects. I am especially happy because India wants significant participation in the Serbian #Expo," he said in a post on X in Serbian.
The India AI Impact Expo features more than 600 high-potential startups and 13 country pavilions showcasing international collaboration in the artificial intelligence (AI) ecosystem. Over 20 heads of state, 60 ministers and 500 global AI leaders are attending the summit.
