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Facebook CEO Mark Zuckerberg On Data Privacy: 'My Mistake'

Facebook CEO Mark Zuckerberg On Data Privacy: 'My Mistake'

Facebook, Inc. (NASDAQ: FB) CEO Mark Zuckerberg is in Washington, D.C., where he'll testify Wednesday before the House Energy and Commerce Committee. The executive is also set to speak to a joint hearing of the Senate Judiciary and Commerce committees on Tuesday.

What He Said

Zuckerberg will be speaking about the social media company's data privacy policies amid the Cambridge Analytica fiasco. A copy of the CEO's full testimony was made available ahead of his appearance. Here are highlights from Zuckerberg's planned remarks: 

  • Facebook didn't "take a broad enough view" of its responsibility related to the Cambridge Analytica scandal.
  • Zuckerberg said: "That was a big mistake. It was my mistake, and I'm sorry."
  • Facebook needs to ensure its platform isn't being used to hurt people or spread misinformation.
  • It will "take some time" to work through multiple changes.
  • Facebook is removing developers' access to personal data if the app hasn't been used in the past three months.
  • Data given to an app will be limited to name, profile photo and email address.
  • Facebook is in the process of "investigating every app that had access to a large amount of information" and will conduct a "full forensic audit" whenever necessary.
  • The company was "too slow to spot and respond" to Russian interference in the 2016 election.
  • Moving forward, every advertiser who runs political or issue ads will need to confirm their identify and location.
  • People who manage pages will be required to verify their identity.

What's Next

"I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force in the world," Zuckerberg's prepared remarks said. Facebook will be looking to balance its social mission of connecting people and building the world together, he will say — but so long as Zuckerberg remains CEO, advertisers and developers "will never take priority."

Related Links:

Despite The Headlines, Facebook Isn't Losing Advertisers, KeyBanc Says In Earnings Preview

This Social Data Suggests #DeleteFacebook Isn't Really Happening

Facebook CEO Mark Zuckerberg. Courtesy photo. 

Posted-In: Cambridge Analytica CNBC Facebook PrivacyGovernment Politics Top Stories Tech General Best of Benzinga


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