Is Facebook facing privacy concern backlash?
It’s been another rough month for Facebook after the company reported disappointing second-quarter earnings, with a historic 19 per cent drop in share price that wiped out roughly $120 billion of shareholder wealth - including almost $16 billion of Zuckerberg’s personal fortune.
We can’t help but wonder if this razor-sharp decline has been exacerbated by wider privacy concerns and trust issues around the company’s infamous data handling practises. Could this be evidence of the genuine economic or shareholder value in prioritising data privacy and security?
Data breach reports up 400%
This month, the ICO has apparently reported a huge increase in the number of self-reported data security incidents, which are believed to have multiplied fivefold in the time since the new legislation was implemented on the 25 May.
Business Cloud writes that there were 1,792 personal data breaches notified to the ICO in June, compared to 657 reports received in May, and just 367 notifications in April.
However, this is to be expected. Under GDPR, companies are required to report breaches “without undue delay,” and, where feasible, within 72 hours of becoming aware of the breach.
So this doesn’t necessarily indicate an increase in the number of data breaches overall, but rather that organisations are now reporting them quicker, and in greater numbers.
For us at Hazy, this is a reassuring sign that companies are beginning to take data privacy seriously. Although it remains to be seen whether this effect is attributable to fear of the potential sanctions imposed by non-compliance of GDPR, or whether a wider cultural shift is taking place, with organisations moving towards ethical data practises because it’s the right thing to do.
Data privacy: moderate or good
And finally, on the topic of GDPR, an interesting new application for the 57,509-word, 209-page document was recently brought to our attention. Recognising that the legislation has certain, *ahem*, sedative qualities, meditation app Calm.com has now repurposed the new data regulation as a downloadable “bedtime story for grown-ups”.
To make sure that nobody reaches the end of the recording without entering a peaceful slumber, Calm has even enlisted the services of former BBC radio announcer Peter Jefferson - better known as the soothing voice from the Shipping Forecast.
A short teaser clip is available below:
At Hazy, we’re yet to try out this particular insomnia cure - although we may very well give it a go. Calm assure us that it “could sedate a buffalo”!