With the Federal Trade Commission announcing a $5 billion dollar, fine on Facebook for data privacy irregularities, it puts a question mark in your mind about how safe is your personal data? It forces you to think whether the profiles of your beloved family members are safe, or have they been compromised.
Is Your Data Secure With Facebook?
In the last decade, there has been no other social media site that has garnered more users per million on a quarterly basis, than Facebook. Every user on an average upload at least 3 albums with 10 photographs each, which brings out straight math of an average estimate of 30 million photographs added per quarter. People shared posts of the best moments of their life, their graduations, marriage, engagements, and their first child. These are very sensitive, and it becomes the prime responsibility of the social media site to ensure that such personal data doesn’t get misused. But it not only failed to secure the privacy for a large number of users (almost tens of millions of them), but also kept the breach a secret, and that brought down the tower of cards.
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Why You Should be Worried?
We live in a life where a complete dissociation from social media is almost impossible unless you live in a cave in 2019. You are either engaged via your favorite brand, or your favorite actor, musician or could be just your college. Hence, it is imperative that we should take responsibility for the content that we upload. This awareness will help in keeping a check on social media sites like Facebook, to better manage the big data collected from its users.
Sources have unconfirmed reports of Facebook being engaged in secret projects with other private companies, especially on people and their physical and mental attributes, what do they buy, what pages do they visit out of interest, even to things like what do they do as an activity as well. This may be for reference purpose, but our consent should be taken. Generally, we allow all access to media, pictures and our ID, to our social media sites. This is sometimes inevitable, but most of the times can be denied by us.
Now Should You Trust Your Money with It?
Facebook recently announced that it would launch a new cryptocurrency called Libra to compete with Bitcoin. But the aforementioned data privacy issues have put some challenges for the social media giant. According to a recent survey, 77 percent of respondent do not trust Facebook with their data. This is alarmingly high considering almost 60 percent of the world population is using some mode of Facebook. The bigger blow was the fact that 86 percent do not trust Facebook’s foray into cryptocurrency. Bitcoin, on the other hand, has stayed traditional and true to its origins, in its approach of data privacy, with distributed ledger using blockchain technology. More and more people are getting into Bitcoin trading as it is a good investment source and automated trading software such as Bitcoin Profit does the work for you. You must be wondering that is bitcoin profit legit because such automated software sound too good to be true but in reality, the accurate algorithms make them the best trading tool. The very foundation of Bitcoin being decentralized has garnered people to trust the cryptocurrency more than the others.
If you are a fairly active social media bug, a little responsibility towards monitoring your social media digital print will make sure that we do not give more than we intend to. It is a wait-and-watch thing for Facebook, as it has a long way from here to re-instill the same faith among people regarding its data handling capabilities.
Also read, Facebook Marketing Tips For Business