At the end of 2022, Meta finally agreed to settle the dispute with Cambridge Analytica. According to updates from the social media giant, Facebook would be paying $725 million to settle the long-running Cambridge Analytica-Facebook scandal.
The giant social media platform was previously accused of data breaching and giving data access to third parties. According to the accusation, Facebook has given third parties access to the personal data of its users, including the British firm – AKA Cambridge Analytica.
In December 2022, the Meta-owned social media giant “finally agreed” to settle the dispute – but at a hefty price. Facebook agreed to pay a ridiculous sum of $725 million to settle the long-running Meta-Cambridge Analytica scandal.
However, experts argue that it is “no surprise” that Facebook finally settled the notorious skirmish of data breaching. They believe that Facebook has been “selling” the personal data of its users to third parties for decades and Cambridge Analytica – the famous British Consulting Firm – is no exception.
Similarly, excerpts also argue that the amount is “not that high,” as Facebook was destined to settle the scandal at any cost.
Facebook to Pay $725M to Settle the Long-Running Meta-Cambridge Analytica Scandal
Commenting on the settlement, James Ball, a famous tech writer, asserts that he is not surprised to see that Meta and Cambridge Analytica is settling the dispute. “No wonder! Facebook was destined to settle the skirmish,” James Ball wrote in a controversial blog.
There have been countless occasions where the social media giant has been accused of data breaching. And each time, Mark Zuckerberg and his team have failed to come up with a satisfactory response.
Ironically, the statement from Facebook suggests that the ‘deal’ has been made for the better interest of its users and shareholders. The problem with this statement is that Facebook users are worried about their privacy and personal data.
They are afraid that their personal information may be sold to other third parties by Facebook. And the Meta-Cambridge Analytica scandal is only adding fuel to the fire.
However, it is essential to note that this sum is “not that big” for Facebook. But it is still a warning sign for other social media companies.
Facebook-Cambridge Analytica is a Warning Bell For Social Media Platforms
If nothing else, this will make other platforms feel that the security and safety of user data is a crucial part of the business. Frankly, they can lose millions of dollars – just like Facebook did – if they do not ensure the safety of their users.
To bolster its data security, Facebook has now implemented end-to-end encryption for all its platforms under Meta. From Instagram and WhatsApp to Facebook and Messenger, these platforms ensure the safety and security of user data.