Social media behemoth Facebook landed itself in hot water this week when it was revealed that the company allowed a third-party firm to gain access to user data. This latest scandal comes amid a slew of serious data concerns and shows just how careful we need to be with our information in this digital age. In the world of mobile devices, social media, and the cloud, it can be disconcerting to think that your personal information might just be floating around out there.
The data firm, Cambridge Analytica (CA), accessed information from tens of millions of Facebook users without their permission and “improperly” stored this data for years, despite CA’s claim that the sensitive data had been destroyed. Furthermore, CA, who is known for supplying marketing data for political campaigns, is believed to have harvested this information for political campaigns after 2013.
According to the Wall Street Journal, Facebook bears a huge amount of blame for allowing CA to get its data to begin with. However, reports calling CA’s data harvesting a “leak,” a “hack,” or a serious violation of Facebook policy are all, unfortunately, incorrect. All of the information collected by the company was information that Facebook had freely allowed app developers to access.
Now, an investigation is being launched to find out exactly who knew about this large-scale improper data usage and when they knew about it. According to Facebook, this serious slipup should not be considered a data breach, because the data firm abused user data that was openly shared with third parties. However, I think we can all agree that sharing user data with third-party firms opened up the floodgates for illegal data breaches and abuse of personal information - as seen by Equifax in June of 2017. While Facebook’s stock takes a nosedive and the company tries desperately to get out in front of this PR nightmare, the rest of us are left reflecting on how our sensitive data is being handled and what measures are being taken to protect it.
As a common rule of thumb, it should be noted that you should never keep sensitive information on any social media platform. This includes but not limited to phone numbers, addresses and even email addresses. While your email address, and sometimes phone numbers, are needed for the account setup in many social media platforms, this information should never be made viewable by friends or followers on any social media platform
With DWM, you don’t have to spend any sleepless nights wondering about how your personal and financial information is being handled. Our firm and our preferred custodian, Charles Schwab, would never jeopardize our clients’ information by handing out data to third parties. You can feel confident knowing that your information will never be released to any outside parties for any reason (except with your explicit permission).
You may want to consider deactivating your Facebook account, but you can rest assured that your financial information with DWM is safe and secure.