Big Tech is currently under an intense microscope.
People are finally grasping the full power of social media.
And Mark Zuckerberg has to write an enormous check after one colossal mistake.
Silicon Valley CEOs are currently taking cover behind Elon Musk.
Musk drew the ire of the corporate press as well as the White House when he fired a large swath of Twitter employees.
Meanwhile, Facebook CEO Mark Zuckerberg fired thousands of workers without receiving a fraction of vitriol from the Left.
But Zuckerberg has his own problems.
Euro regulators hit Facebook with massive fine over user data breach
With cybersecurity becoming a greater concern, Facebook’s reputation for protecting user data has taken a severe hit over the years.
And now Facebook has to pay a massive fine for it.
The Wall Street Journal reported that “[a] top European regulator fined Facebook owner Meta 265 million euros, equivalent to about $276 million, for not better safeguarding more than half a billion users’ phone numbers and other information from so-called data scrapers. The fine issued Monday by Ireland’s Data Protection Commission, Meta’s main privacy regulator in the European Union, is the latest indication of how authorities in the region are becoming more aggressive in applying the bloc’s privacy law to large technology companies.”
Facebook and other tech giants have long faced accusations of abusing user data.
For example, Facebook reportedly creates dummy accounts for people inside a network, meaning if you don’t have a Facebook account but your family members do and they list you as a sibling, Facebook creates a shadow account with information acquired from network data.
The Journal added that the “decision is the third time Ireland has fined Meta and its subsidiaries, including WhatsApp and Instagram, in a privacy case over the past 15 months, bringing the combined financial penalties to the equivalent of more than $900 million. The other cases relate to Instagram’s handling of children’s data and WhatsApp’s transparency about how it handles user information. Meta is appealing those decisions…[The] fine stems from disclosures in the spring of 2021 that a hacker had published personal phone numbers and other profile information of more than 530 million Facebook users. In response, Meta said the information stemmed from mass ‘scraping’ of public profiles that it said it had discovered and halted in 2019.”
Zuckerberg can afford the fine, but he can’t afford endless damage to the company’s brand.
Facebook wouldn’t be the first massively popular company that withered away over time.
If people don’t believe their data is safe on the platform, they will eventually stop using it.
Stay tuned to Unmuzzled News for any updates to this ongoing story.