Indeed, 2018 has continued to be one challenging year for social media and tech giant Facebook, as fraudsters have hacked over 50 million accounts of recent.
The company’s stock, however, closed down 3% Friday 28th September 2018 following reports that internet hackers got access to personal data on 50 million of its users and this has cost Facebook a fortune.
The security breach on Facebook is the latest in a series of mishaps and controversies that the company has endured, earlier in the week.
The FBI was given the right to investigate Facebook given its involvement in the Russian’s disinformation campaign during the 2016 U.S presidential election.
Facebook Losses $13 Billion After 50 Million Accounts Got Hacked On Friday:
However, Facebook had to share its user data in what became the Cambridge Analytica scandal.
Much earlier in April 2018, Mark Zuckerberg Facebook CEO had to defend his company during a two day of Congress grilling.
Facebook said its engineering team found out on Tuesday that hackers exploited a vulnerability in Facebook’s code that exposed to attackers the site’s access tokens, essentially digital keys that allow people to stay logged into Facebook without having to re-enter their password.
Given this security bridge, most users have been logged out automatically and have been asked to login again by Facebook, as a way of taking precautionary measures Facebook added in a tweet
FACEBOOK STATEMENT READS:
“We’re taking this incredibly seriously,” Facebook said in a blog post announcing the breach, adding that the company has fixed the vulnerability and notified law enforcement of the hack.
The company’s swift response did little to settle investor unease about the string of snafus at the social media giant. Facebook’s stock fell as much as 5% to $162.57 a share during trade on Friday as news of the hack broke. The stock recovered slightly before the market’s official close. However, the Facebook’s market lost about $13 billion of its value at the end of the market on Friday 28th September.
FOUNDERS OF WHATSAPP AND INSTAGRAM DEPART FACEBOOK:
Facebook’s stock sky rocked in 2012 after the company improved its mobile-ad revenue and benefited from its bold acquisitions of WhatsApp and Instagram, two deals that seemed costly at a time but now look prescient.
WhatsApp founders left the company in April, however, and have since become a significant and open critic of Facebook’s privacy practices violation.
Instagram’s founders further departed Facebook this week; indeed 2018 has been a challenging year for Facebook.
FACEBOOK TWEET READS: