Meta has finally agreed to settle the dispute with Cambridge Analytica. According to the latest updates from the social media giant, Facebook will be paying $725 million to settle the long-running Cambridge Analytica-Facebook scandal.
The giant social media platform was accused of data breaching and giving data access to third parties. According to the accusation, Facebook has given access to the personal data of its users to third parties, including the British firm – AKA Cambridge Analytica.
Now, the Meta-owned social media giant has “finally agreed” to settle the dispute – but at a hefty price. Facebook has agreed to pay a hefty sum of $725 million to settle the long-running Meta-Cambridge Analytica scandal.
However, experts argue that it is “no surprise” that Facebook is finally settling the notorious skirmish of data breaching. They are of the belief 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 Agrees 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. However, what the tech writer is saying is true from head to toe.
There have been numberless 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 befitting 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 here 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, this will make them 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 – if they do not ensure the safety of their users.
Overall, Facebook has come to the conclusion that all the platforms of Meta are end-to-end encrypted. From Instagram and WhatsApp to Facebook and Messenger, these platforms ensure the safety and security of user data. Thus, this was ensured in a statement released by Meta after it agreed to settle the controversial Facebook-Cambridge Analytica scandal.