Facebook's accelerating fall from grace comes just as the EU is implementing what is likely to be the global gold standard for data regulation.
Seemingly every day, a new story breaks around Facebook and its ongoing, ever-deepening privacy debacle. It was sparked by the revelation that Cambridge Analytica, a political consulting firm that had worked with Donald Trump’s presidential campaign, harvested data from 50 million Facebook users. (Facebook apologized in grand fashion.) Now Facebook faces additional scrutiny over its practices around logging calls and texts on Android devices. (Facebook has not apologized on this one.)
Business owners and entrepreneurs around the world continue to watch Facebook’s latest privacy flubs unfold, possibly with a subtle sense of schadenfreude. But here’s the rub: These kerfuffles are precisely the sort of flashpoint that culminates in new regulation -- regulation that applies to all businesses, not just titans like Facebook. While the regulatory wheels often turn slowly in the U.S., there’s already a model for modern data privacy materializing in the European Union, in the form of the General Data Protection Regulation (GDPR).