Home / Tech News / In TalkTalk aftermath, it’s time for companies to pay higher price for breaches

In TalkTalk aftermath, it’s time for companies to pay higher price for breaches

It’s amazing that so many companies have been dragged through the headlines over breaches and used as examples of what not to do when protecting customers and clients in the digital era, and yet none have taken a hit in the stock market.

In TalkTalk aftermath, it’s time for companies to pay higher price for breaches

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Facebook’s latest privacy debacle stirs up more regulatory interest from lawmakers

Facebook’s late Friday disclosure that a data analytics company with ties to the Trump campaign improperly obtained — and then failed to destroy — the private data of 50 million users is generating more unwanted attention from politicians, some of whom were already beating the drums of regulation in the company’s direction. On Saturday morning, Facebook dove into the semantics of its disclosure, arguing against wording in the New York Times story the company was attempting to get out in front of that referred to the incident as a breach. Most of this happened on the Twitter account of Facebook chief security officer Alex Stamos before Stamos took down his tweets and the gist of the conversation made its way into an update to Facebook’s official post . “People knowingly provided their information, no systems were infiltrated, and no passwords or sensitive pieces of information were stolen or hacked,” the added language argued. I have deleted my Tweets on Cambridge Analytica, not because they were factually incorrect but because I should have done a better job weighing in. — Alex Stamos (@alexstamos) March 17, 2018 While the language is up for debate, lawmakers don’t appear to be looking kindly on Facebook’s arguably legitimate effort to sidestep data breach notification laws that, were this a proper hack, could have required the company to disclose that it lost track of the data of 50 million users, only 270,000 of which consented to data sharing to the third party app involved. (In April of 2015, Facebook changed its policy, shutting down the API that shared friends data with third-party Facebook apps that they did not consent to sharing in the first place.) While most lawmakers and politicians haven’t crafted formal statements yet (expect a landslide of those on Monday), a few are weighing in. Minnesota Senator Amy Klobuchar calling for Facebook’s chief executive — and not just its counsel — to appear before the Senate Judiciary committee. Facebook breach: This is a major breach that must be investigated. It’s clear these platforms can’t police themselves.

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