Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Facebook Scandal Erodes Trust in Social Media Companies

6 months after Cambridge Analytica scandal and Facebook harvesting of users data the world’s largest social media company is still dealing with the fallout.

6 months after Cambridge Analytica scandal and Facebook harvesting of users data the world’s largest social media company is still dealing with the fallout.

It’s been nearly six months since the scandal surrounding Facebook, Cambridge Analytica and the unlawful harvesting of user data started unfolding, and the world’s largest social media company is still dealing with the fallout. After suffering the biggest single-day market cap loss of any U.S. company in late July, the company’s share price has yet to recover. Perhaps more importantly however, Facebook needs to find a way to regain the trust of the public. After all, if people are no longer willing to share information on Facebook, the company’s entire business model is broken.

According to a recent survey conducted by Hub Entertainment Research, 49 percent of U.S. consumers are not very or not at all confident that Facebook will keep their data secure. As the following chart illustrates, the Cambridge Analytica scandal appears to have eroded trust in social media companies in general as well. Compared to other companies and institutions, social media firms trail significantly in terms of the level of confidence that the U.S. public has in their ability to keep their information safe.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Interestingly, the majority of respondents (55 percent) still use Facebook the same way they did before the data scandal. 23 percent post less, 20 percent changed their privacy settings and just 8 percent deleted their account in response to what happened.

Infographic: Facebook Scandal Erodes Trust in Social Media Companies | Statista You will find more infographics at Statista

 

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

History & Archeology

A groundbreaking discovery in the Manot Cave in the Western Galilee, Israel has unearthed the earliest evidence in the Levant (and among the world's...