2013: WE EXPOSED THE PRIVATE DETAILS OF 6 MILLION USERS – FACEBOOK

SAN FRANCISCO (Reuters) – Facebook Inc has inadvertently exposed 6 million users’ phone numbers and email addresses to unauthorized viewers over the past year, the world’s largest social networking company disclosed late Friday. Facebook blamed the data leaks, which began in 2012, on a technical glitch in its massive archive of contact information collected from its 1.1 billion users worldwide. As a result of the glitch, Facebook users who downloaded contact data for their list of friends obtained additional information that they were not supposed to have. Facebook’s security team was alerted to the bug last week and fixed it within 24 hours. But Facebook did not publicly acknowledge the bug until Friday afternoon when it published an “important message” on its blog explaining the issue. A Facebook spokesman said the delay was due to company procedure stipulating that regulators and affected users be notified before making a public […] Read More

2012: How can social networks make money?

With social networks now big business, what can the companies do to turn free services into hard cash? Over the past month, US Facebook users have been enjoying a selection of Warner Bros blockbusters streamed through the site in exchange for about $4 (£2.45) in Facebook credits. Facebook takes a 30% cut of each credit spent, much like Apple and its app store. There are over 400 apps and games where the site’s 500 million users can go on a social spending spree. It is easy to see how money can be made – a valuation last month valued Facebook at around $50bn (£30.6bn)- more than Warner Bros and almost twice that of computer giant Dell. Advertising is at the heart of most internet success stories. But in some ways, social networks are uniquely engineered as money-making machines. “Because you’re creating the content and you’re making up the content […] Read More