Facebook looks to curb out some of their ties with data brokers after their recent scandal. The social media giant is apprehending some of its data exchanges with former partners. The massive criticism the company had forced the sudden policy changes.
Facebook’s Data Brokers
Companies such as Acxiom and Oracle Corp are some who are named as Facebook’s “data brokers.” These companies are now barred from using target specific groups of its users through the ad-targeting option.
Acxiom CEO Scott Howe said that “Today, more than ever, it is important for businesses to be able to rely upon companies that understand the critical importance of ethically sourced data and strong data governance,” Meanwhile, Oracle didn’t announce a reply.
On a post by the platform’s product marketing director, Graham Mudd, “will help improve people’s privacy on Facebook.” The company is looking to tighten its privacy security measures by removing the ad-targeting service.
To add, the company is also looking to stop their current practice of dispensing anonymous data from its database. The data were used to the data brokers to test the results and effects of their previous campaigns.
People familiar with the matter also adds that Facebook is just temporarily shutting down the services. They reveal that the company is still looking to find more ways to share and produce such data to their partners in the future.
Prior to the data broker announcement, the company was very quiet after the scandal broke. As a pre-requisite, the company tried to apprehend the bleeding with a privacy tool update. According to the company, an easier privacy tool was added to help with the navigation.
Facebook’s Privacy Scandal
Cambridge Analytica data privacy scandal continues to bury the social media platform down. The recent findings along with whistleblowers have been pinning the malicious practices Facebook has been conducting with its partners.
The information mined by the firm from the users showed varying potential; from creating targeted ads, to allegedly corrupting the recent U.S.A. Presidential election. Alleged exploitations were made through various unethical procedures that violated the company’s terms of services.
The Facebook has been recently on fire after studies show unethical procedures. The company received massive backlashes after studies showed massive privacy issues. They are also experiencing a wave of lawsuits after the scandal was made public.
Market Performance and Future Plans
Furthermore, Facebook’s debacle has grievously hurt their market performance. The company tallied great losses for consecutive trading sessions. The company is still expected to go down if a concrete plan is issued. Analysts note that the market performance may continue until proper motions are made.
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