Facebook trending downwards after Poor Q2 Earnings and further Security Policy Revelations

Business EthicsCustomer CareCustomer CharterData BreachData SecurityFaceBookGDPRPrivacysocial media+-
2018AfBlgFacebookBurn700-min

Facebook dropped roughly $123 billion in share value / market capitalisation after disappointing earnings for Q2 this year were revealed. Much of this has to do with the new GDPR regulations - which restrict what Facebook can legitimately do for advertisers and sponsors, but also there seems to be a noticeable backlash following revelations that Facebook sold on customers’ privacy details and contact lists to various suspect parties - including groups of supposed Russian Hacker types.

 

To compound all this, Facebook’s Chief’s Security Officer Alex Stamos has supposedly resigned over official statements that the privacy ’leaks’ were security and procedural failings - where he seems to contend that this was all part of active Facebook policy and business practices.

 

In the wake of the revelations as to what was happening with Facebook customers’ private data - including that stored on associated mobile phones and other disparate apps even - I warned that Facebook seemed to be up to no good. Facebook themselves always tried to frame the story as some sort of data breach - or failing in system security - while key staff now seem to be saying that this modus operandi was intentional all along.

 

And this is all still seems largely to be happening as much as Facebook can make it so - all the while they are putting out new advertising trying to reassure customers that their privacy is being respected and protected. The ethics of much of this have always been dubious - and Facebook letting advertisers misuse and abuse sensitive details is really unpardonable - they should be censured to a degree and should receive major fines.

 

In a similar way ITV has just recently tried to justify the broadcast of breast augmentation surgery advertising - during it’s hit show ’Love Island’ while being perfectly aware that emotionally sensitive and vulnerable people watch the show - and may be easily taken advantage of within that psychological framework. Both Facebook and ITV are being totally socially irresponsible here and should suffer the moral outrage of society and the fines that come along with that.

There has always been a Wild West sort of uncomfortable reality to parts of the web - which is why GDPR was so necessary. Yet very few companies, social and media organisations are playing ball yet. In fact most are just continuing business as usual and exploiting the vulnerable in similar way to what they’ve always done.

 

I am personally in a real quandary as I still use Facebook for various things and see no viable alternative at the moment. Facebook must stand up though and amend its wicked ways - or I will participate no more. What all these recent leaks and revelations do point out is that none of these companies can be trusted. Where money is involved - ethics are typically tossed out the window - here both Facebook and ITV need to be brought under account and forced to change their ways. It’s actually staggering as to how many suspect ways Facebook uses to exploit its supposed customers. If they don’t change their ways we should all band together to form a more ethical social network with a proper Customer Charter in place and complete and total transparency. All this sly scheming that’s currently happening is wearing really thin now ...

TweetFacebookLinkedInTumblrPinterestGoogle+eCard
Add New Comment
You must be logged in to comment.
A 12 Step Visual Guide to Affino's Fully Baked-In GDPR Solution

A 12 Step Visual Guide to Affino's Fully Baked-In GDPR Solution

Affino's GDPR Commitments and Timeline (Updated)

Affino's GDPR Commitments and Timeline (Updated)

Affino 8.0.6 - GDPR 2, Design, Forms and Products Release

Affino 8.0.6 - GDPR 2, Design, Forms and Products Release

Did you find this content useful?

Thank you for your input

Thank you for your feedback

Blog Navigation


2018 28

Google Plus On its Last Legs
"All the more brilliantly helpful and simple to "...
4 days ago
A 12 Step Visual Guide to Affino's Fully Baked-In GDPR Solution
"Great and really informative guide."
5 days ago
Affino and GDPR
"Hi James, it feels like we've gone some distance "...
19-Aug-2018
Affino and GDPR
"Every aspect outlined above is now fully "...
19-Aug-2018
4 Key GDPR Questions that still need Answering
"Hi James, Google certainly are moving to only "...
19-Aug-2018
4 Key GDPR Questions that still need Answering
"We're a few months into the GDPR era, and it's "...
19-Aug-2018
Waiting

Related Articles

Driving business at some of the world's most forward thinking companies

Rovio
Procurement Leaders
Ocean Media
Open Door Media
Gill
Drewry
Shard Media Group
PPA
AOP - Association of Publishers
Agribriefing
GovNet
Law Business Research
Internet Retailing
TTG

Our Chosen Charity

Humanity Direct

And delivering industry leading awards

2016 British Media Awards - Technology Provide of the Year - Silver
2014 PPA Connect Awards - Procurement Leaders awarded Event Brand of the Year
2014 PPA Digital Publishing Awards - Procurement Leaders awarded Business Media Digital Brand of the Year (Again!)
2014 PPA Awards - Procurement Leaders awarded Business Media Brand of the Year (Again!)
2014 AOP Digital Publishing Awards - Procurement Leaders awarded Best Business to Business Website
2013 PPA Awards - Procurement Leaders awarded Independent Publisher Digital Product of the Year
2013 PPA Awards - Procurement Leaders awarded Business Media Brand of the Year
2013 PPA Digital Publishing Awards - Procurement Leaders awarded Business Media Digital Brand of the Year

55 Bathurst Mews
London, UK
W2 2SB

© Affino 2018

Get In Touch

Contact Us
engage@affino.com
+44 (0)20 3393 3240
Let Us Call You Back
Contact Us
Request A Demo