Revelations of a massive data leak at Facebook have shocked users, investors, lawmakers in addition to even some top executives in recent weeks — nevertheless the company warned of third-party breaches in addition to government regulation more than six years ago when the item first filed to go public.
In its 2012 IPO prospectus, Facebook called “improper access to or disclosure of our users’ information” a risk factor that will could potentially harm the company’s reputation in addition to financial outlook.
Here can be the excerpt:
“Our efforts to protect the information that will our users have chosen to share using Facebook may be unsuccessful due to the actions of third parties, software bugs or additional technical malfunctions, employee error or malfeasance, or additional factors. In addition, third parties may attempt to fraudulently induce employees or users to disclose information in order to gain access to our data or our users’ data. If any of these events occur, our users’ information could be accessed or disclosed improperly.”
None of that will excuses Facebook’s data control in addition to privacy problems that will have been exposed to the earth in recent weeks. nevertheless the cautionary disclosure suggests that will the social media giant knew the general risks associated with its massive open platform.
CEO Mark Zuckerberg spent the past two days in front of Congress describing the “breach of trust” that will took place when research firm Cambridge Analytica purchased the sensitive personal information of as many as 87 million Facebook users via app developer Aleksandr Kogan, who collected user data through a psychology quiz app.
Facebook has denounced Kogan in addition to Cambridge Analytica, in addition to clarified that will the item long ago changed the policies that will allowed for such robust data collection. Zuckerberg told members of Congress on Wednesday that will the company can be considering legal action against Cambridge Analytica in addition to Kogan. Cambridge Analytica has denied any wrongdoing.
Facebook’s S-1 outlined the risk of exactly the sort of behavior that will has landed the company in hot water.
“Some Platform developers may store information provided by our users through apps on the Facebook Platform or websites integrated with Facebook,” the filing said. “If these third parties or Platform developers fail to adopt or adhere to adequate data security practices or fail to comply with our terms in addition to policies, or inside event of a breach of their networks, our users’ data may be improperly accessed or disclosed.”
Facebook was also right about the consequences of such a leak.
The company said inside filing, “Any incidents involving unauthorized access to or improper use of the information of our users could damage our reputation in addition to our brand in addition to diminish our competitive position. In addition, the affected users or government authorities could initiate legal or regulatory.”