Facbeook unveiled a raft of measures Wednesday aimed at making it easier for users to see and access the data the social network holds on them and make changes where needed in the wake of data scandal. Facebook, embroiled in a huge data scandal which has wiped off over $100 billion in its market value, on Wednesday announced a series of privacy changes it was making to give users more control over their data.
Ahead of the entry into force of a landmark European Union data protection law in May, the social network will add a new “Privacy Shortcuts” menu which will let users review what they’ve shared and delete it, as well as features enabling them to download their data and move it to another service.
“The last week showed how much more work we need to do to enforce our policies, and to help people understand how Facebook works and the choices they have over their data,” Erin Egan, VP and Chief Privacy Officer, and Ashlie Beringer, VP and Deputy General Counsel at Facebook, wrote in a blog post.
“So in addition to Mark’s announcements last week – cracking down on abuse of the Facebook platform, strengthening our policies, and making it easier for people to revoke apps’ ability to use your data – we’re taking additional steps in the coming weeks to put people in more control over their privacy.”
The fallout from the Cambridge Analytica data scandal has hit Facebook shares which are down over 13 percent year-to-date. Bank of America Merrill Lynch reduced its price target on the stock for the second time in five days on Tuesday. Facebook is facing regulatory scrutiny after the Federal Trade Commission announced a probe into the social network.
Meanwhile, Chief Executive Mark Zuckerberg has been summoned by U.K. lawmakers to speak to them about the data scandal. Zuckerberg declined the invite but is instead planning to send two executives. He will reportedly testify before Congress however.
Further details about the link between the harvested Facebook data and Cambridge Analytica also continue to emerge.
Christopher Wylie, the whistleblower behind the entire fiasco, claimed that Palantir, a secretive U.S. company, also had access to the data harvested by Cambridge Analytica from Facebook. Palantir deny the allegation.
