Social media company experiences pressure to improve its handling of data after disclosing that information about 50 million Facebook users wrongly.
This social media company is none other than Facebook, who is going to ends partnership with data brokers who help advertisers target people on the social network.
Facebook adjusted the privacy settings on its service, giving users control over their personal information in fewer taps.
Facebook has for years given advertisers the option of targeting their ads based on data collected by companies such as Acxiom Corp and Experian PLC. Shares in Acxiom traded down after Facebook’s announcement.
The tool has been widely used among certain categories of advertisers – such as automakers, luxury goods producers and consumer packaged goods companies – who do not sell directly to consumers and have relatively little information about who their customers are, according to Facebook.
“Advertisers would still be able to use third party data service to see how well their ads performed,” Facebook said. It lists out nine third party data providers with whom it worked. However It made hard to third party apps from using personal information.
Facebook’s shares closed up 0.5 percent at USD 153.03 on Wednesday. Facebook Chief Executive Mark Zuckerberg has apologized again and again for the mistakes the company made. It has promised to restrict developers’ access to user information.