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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If you have a conscience, apologize to the people: R Ashoka slams Yathindra over Nalwadi comparison
Bengaluru: Leader of the Opposition R. Ashoka launched a scathing attack on MLC Dr. Yathindra, demanding that he retract his controversial statement comparing Chief Minister Siddaramaiah to the late Maharaja Nalwadi Krishnaraja Wadiyar. Ashoka urged Yathindra to apologize to the people of Karnataka if he had even a shred of conscience and any respect for the Mysuru royal lineage.
In a strongly worded social media post on Sunday, Ashoka stated, “Comparing Siddaramaiah to Nalwadi Krishnaraja Wadiyar is nothing short of absurd. Where is Nalwadi, who was bestowed the title of ‘Rajarshi’ by Mahatma Gandhi himself, and where is Siddaramaiah, who has stooped to being a puppet in the hands of fake Gandhis for the sake of power?”
He continued his critique by contrasting the enduring legacy of Nalwadi, remembered fondly by Kannadigas for his people-centric development, with what he termed as Siddaramaiah’s failure to manage Karnataka’s economy, burdening every household with debt.
Ashoka highlighted several stark differences, while Nalwadi built Mysore University over a century ago, Siddaramaiah is shutting down nine universities due to lack of funds. Nalwadi famously sold his family’s gold to build the KRS dam, whereas Siddaramaiah is accused of grabbing 14 sites meant for the public. Nalwadi established Bhadravati Iron & Steel Plant, Sandalwood Soap Factory, and Mysore Paper Mills. In contrast, Ashoka claimed Siddaramaiah's governance drove away industries, investors, and entrepreneurs. Nalwadi pioneered reservations for the backward classes long before it became mainstream. Siddaramaiah, Ashoka alleged, is reducing social justice to a gimmick by sticking labels on doors in the name of surveys.
While acknowledging Yathindra’s emotional attachment to his father, Ashoka emphasized that comparing Siddaramaiah to a visionary like Nalwadi was “laughable, baseless, and a gross insult” to the late king.
In his concluding remarks, Ashoka slammed the government for ignoring farmers’ needs despite an early monsoon. He accused the administration of being caught up in internal power struggles and negligence, forcing farmers into despair. “This government will not be spared from the curse of the farmers,” he warned.
