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India to Continue Cambridge Analytica Probe Despite Closure Announcement
05 May 2018, 01:39 | Katrina Lee
Shapiro said Facebook provided the estimate in response to demand from the Pennsylvania attorney general's office and 40 other state attorneys general investigating the release of personal Facebook data to Cambridge Analytica and other companies. But that doesn't mean those behind the entity will escape the scrutiny of regulators.
"It's crucial that Facebook and Twitter and any entity that collects data, protects it", he said.
A broad review of the entire business model is continuing at Facebook, while worldwide politicians call for Zuckerberg to answer questions relating to the circumstances that led Cambridge Analytica to obtain user data from millions of profiles, and allegedly use this information to influence political processes. The company came under heavy attack after it was revealed Cambridge had improperly accessed the data of 87 million Facebook users while working for President Donald Trump's 2016 campaign.
Top 20 firm Crowe Clark Whitehill has been appointed as administrator of Cambridge Analytica, the political consultancy at the heart of the Facebook data scandal. At one point, the sell-off wiped $50 billion off the company's market value. The last date for the two companies to respond is May 10.
To hear Facebook tell it, the problem is that the tools it has in place to safeguard against abuses by fraudulent accounts or data-harvesting firms just need some fine-tuning, and not that the very nature of how Facebook goes about its business invites those kinds of abuses.
The move impacts all offices of both companies worldwide. As a result, Cambridge Analytica used this information for many bad campaigns.
Former CEO Alexander Nix was also listed as an Emerdata director, but resigned.
The company has studied such an option in the past, but now there's more internal momentum to pursue it in light of Facebook's recent privacy data scandal, the people said. More details could emerge when Cambridge Analytica files for bankruptcy protection in NY, as planned.
This initiative seems to be a bridge between Facebook and its user.
It doesn't appear the closure would directly affect the parent company, SCL Group, making it more hard to get rid of evidence on insolvency grounds. The company said both Cambridge Analytica and its parent, SCL Elections, will cease all operations immediately as bankruptcy proceedings are to begin soon.
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