After so many scandals regarding the safety of everyone’s data on the biggest social network platform Facebook, it’s only fitting that management is going to try and regain the trust of its users. That comes in the form of the newest business venture for Facebook since it intends to acquire a cyber-security company.
Facebook has contacted several companies dealing with cyber-security and protection of data to send their offer for acquisition. The source that revealed this to The Information didn’t name the companies, but it’s expected that the purchase will happen by the end of this year.
The decision to buy a cyber-security company in such a short period comes in the light of the newest breach, believed to be the largest one so far. The reports stated that 50 million accounts were affected by the breach, although the number was later lowered to 29 million users. This breach occurred when hackers used a coding error in the “View As” feature in user profiles and exploited it to steal their information. The hackers obtained users personal data like phone numbers, recent searches, and email addresses. Facebook believes that this was the work of spammers who falsely represented as digital companies, and not hackers working for any foreign government.
Purchasing a cybersecurity company would certainly increase the safety of data and users, but also give a positive image to Facebook. The company suffered too many hits in the recent period and that is something that costs a lot when observed from a business and PR standpoint. Just remember the exploitations of Facebook mechanisms in Russian disinformation campaigns and especially in the Cambridge Analytica affair.
Since Facebook operates all over the world, different rules about data breach apply. Thus, EU requires that the company needs to report a breach immediately after being aware of it and all according to the General Data Protection Regulation (GDPR). If not, the company will get into serious trouble for that and if its cybersecurity is not in perfect shape. So, this may be one of the reasons Facebook is in a hurry to tackle this issue so promptly.
After all, cybersecurity is not something you can do once, but one needs to be vigilant all the time. This especially applies to internet giants who provide communication, store personal data and users depend on its capability to protect their privacy. And let’s not forget that Facebook needs to improve and upgrade constantly in order to keep its users and avoid another public incident like Mark Zuckerberg’s congressional hearing.