Facebook more interested in collecting user data than security
When it comes to privacy of data, the lawmakers should not permit Facebook to regulate itself because the
Highlighting the issue in New York Times, Sandy Parakilas, who aided Facebook's initiatives to resolve privacy problems on its developer platform mentioned that Facebook demands more stringent regulations to avoid a single entity controlling the entire data.
"Facebook knows what you look like, your location, who your friends are, your interests, if you're in a relationship or not, and what other pages you look at on the Web. This data allows advertisers to target the more than one billion Facebook visitors a day," wrote Parakilas.
When the state of Russia tried to influence the American voters during the 2016 election, they did not resort to buying TV or newspaper ads, or hire the services of a skywriter for that matter.
"They turned to Facebook, where their content reached at least 126 million Americans. The fact that Facebook prioritized data collection over user protection and regulatory compliance is precisely what made it so attractive," said the former employee. The company now is demanding that it should be empowered for self regulation to avoid such incidents. "My experience shows that it should not," Parakilas added.
As the Congress in US is investigating the role of Russia's influence in 2016 US president elections, new reports have emerged revealing that social media giants including Facebook and Twitter bagged major investments from Russian government owned firms. The documents by the name "Paradise Papers", were procured by a newspaper in Germany called, SUddeutsche Zeitung which was then reviewed by the International Consortium of Investigative Journalists (ICIJ) as well as numerous media houses from across the globe.
The lawmakers in the US are also demanding new regulations for social media companies after the involvement of Russia in the 2016 election.
Facebook's advertisement revenues are estimated to soar 45 percent in the ongoing year touching $27.6 billion as per Thomson Reuters. This significant growth has pushed the shares of the company by more than 50 percent in the year 2017 and has made Mak Zuckerberg as the fifth richest person on the planet, as per Forbes.
Parakilas has also suggested the company is obsessed with its press coverage and will only protect user data "when negative press or regulators are involved."
"The message was clear: The company just wanted negative stories to stop. It didn't really care how the data was used," added Parakilas.
Facebook has also rolled out virtual reality (VR) experiences to the News Feed and the company wants its users to experience it while putting on a VR headset. The social media giant owns VR company Oculus, and the strategic move to offer virtual reality will also propel of the sales of its VR headset division.
"Although we're still in the experimentation phase, we're inspired by the potential to let even more people experience quality VR content - wherever they may be," says Oculus.