What the Facebook data misuse could mean for credit unions & members

Credit unions and tech experts respond to the Facebook/Cambridge Analytica data "breach of trust."

The events revealed so far in the emerging Facebook and Cambridge Analytica story, may not be a data “breach” but nevertheless serve as a wakeup call to millions sharing personal information.

Following reports that Cambridge Analytica, a data analysis firm reportedly used in the last presidential campaign, acquired and used Facebook data on some 50 million people without their consent. Facebook CEO Mark Zuckerberg acknowledged his company was partially to blame. “We have a responsibility to protect your data, and if we can’t then we don’t deserve to serve you,” Zuckerberg wrote in a Facebook post. He added, “It was also a breach of trust between Facebook and the people who share their data with us and expect us to protect it. We need to fix that.”

Some compared the exposure to a data breach. San Diego-based The Identity Theft Resource Center, which chronicles data breaches, took the extraordinary step by responding to the recent developments in a press release. “The misuse of millions of Facebook users’ data cannot be classified as a breach one way or another given the lack of specifics currently available.” They did warn consumers about underestimating the value and potential mine-ability of their personal identifying information. Eva Velasquez, president and CEO of the ITRC, said. “Many times, users do not understand that there can be unintended consequences to adding information to their account.”

 

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