Economy

Cambridge Analytica Acting CEO Responds to Allegations of Mishandled Data

"Was there any profiling done on the basis of such data?", the ministry sought to know from the company on all queries raised by end of the month.

The application gathered their data and data about their friends, and then Kogan passed the data to Cambridge Analytica, according to both Cambridge Analytica and Facebook. "But it was also a breach of trust between Facebook and the people who share their data with us and expect us to protect it".

Facebook is in a nosedive, with the hashtag #DeleteFacebook gaining steam and the stock slipping fast over blowback from the social media giant's carelessness with user data.

"It doesn't accomplish what you may be trying to do - if you don't want Facebook to leak your data to third party companies", said Pablo Molina, Drexel University's chief information security officer.

"They haven't even taken the first step of admitting there's a problem", he told Christiane Amanpour in an interview Tuesday.

Earlier this week, some Facebook employees had said that colleagues had started looking to transfer from the main social network product to other branches of the company, such as to messaging app WhatsApp and photo-sharing site Instagram, which have been relatively unscathed by the recent scandals. The scandal reveals core ugly truth at the heart of Facebook's business, which is that there were occasions when Facebook freely handed out personal details of people who are on Facebook to third parties.

More news: Sterling Capital Management LLC Sells 25161 Shares of SunTrust Banks, Inc. (STI)

On Wednesday night, Zuckerberg went on a media blitz, sitting down for interview with CNN, Wired, Recode and The New York Times in an effort to quell concerns over user privacy. He explained that it is in his company's best interest to hold on to user data, because it gives Facebook a competitive advantage.

"It was a huge breach of trust where lots of data may have made its way into the wrong hands".

A fourth lawsuit was filed by attorney Jeremiah Hallisey on Thursday in San Jose, on behalf of the Facebook's shareholders against Zuckerberg, COO Sheryl Sandberg, and board members. In his defense, Kogan has said that he is being scapegoated in the matter and he wasn't aware that he broke Facebook's privacy policies.

The UK Information Commissioner's Office is seeking a warrant to search Cambridge Analytica's office and has asked Facebook's auditors to stand down in the meantime.

Hallisey is also asking for payment that restores the company shareholders to their previous positions and a court order for Facebook to improve its internal processes respectively.

Walden and Pallone said that as Facebook's top executive, Zuckerberg is indeed the "right witness to provide answers to the American people". Acton wrote a short message on Twitter this week urging people to stop using Facebook.



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