Facebook facing record £500000 fine over Cambridge Analytica scandal

Facebook facing record £500000 fine over Cambridge Analytica scandal

Facebook is to be hit with the maximum £500,000 ($663,000) fine over data protection breaches related to the Cambridge Analytica scandal.

Facebook said the company illicitly gained access to personal information of up to 87 million users via an academic intermediary, although the firm said the number was much smaller than that. The U.K.'s investigation found "evidence that copies of the data/parts of it also seem to have been shared with other parties and on other systems beyond", which "potentially brings into question the accuracy" of Cambridge Analytica's assertion that it wiped the data from its stores.

Facebook will be put under more scrutiny by United Kingdom regulators involving “evidence that copies of the data/parts of it also seem to have been share with other parties and on other systems beyond” despite Cambridge Analyticas declaration that it had wiped all the data that it was asked to.

"New technologies that use data analytics to micro-target people give campaign groups the ability to connect with individual voters".

Erin Egan, chief privacy officer at Facebook, said: "As we have said before, we should have done more to investigate claims about Cambridge Analytica and take action in 2015".

The agency said Tuesday that the social media giant "contravened the law by failing to safeguard people's information".

But it would represent the first tangible punishment for the company's privacy scandal, which tarnished its reputation, temporarily pushed down its shares and forced CEO Mark Zuckerberg to testify before Congress, but otherwise led to few lasting repercussions.

Senior MPs said the social media giant must now release the results of its own internal inquiries, amid fears many other people's details could have been compromised than originally thought.

The ICO's probe into whether political parties had used data manipulate the populous in the Brexit referendum was launched in March 2017, and later extended that to cover data analytics firms, data brokers and social media platforms.

Last week Facebook's share price fell after it emerged the Federal Bureau of Investigation had opened its own probe into the scandal.

A Facebook spokeswoman said the company was cooperating fully with an investigation by Australia's privacy commissioner.

She added: "Trust and confidence in the integrity of our democratic processes risk being disrupted because the average voter has little idea of what is going on behind the scenes". "People can not have control over their own data if they don't know or understand how it is being used".

"We have been working closely with the ICO in their investigation of Cambridge Analytica, just as we have with authorities in the U.S. and other countries".

The penalty and resulting fine only comprise a small portion of the ICO's report, which initially was undertaken to investigate the misuse of data during the UK's European Union referendum (AKA, Brexit).

If you calculate Facebook's estimated revenue for a period of just 7 minutes, it'll turn out to be around $665,000.