Facebook boss sorry for Cambridge Analytica scandal

Facebook’s Mark Zuckerberg has apologised for mistakes his company made in handling data for 50 million users after an expose involving political consultancy firm Cambridge Analytica.

“This was a major breach of trust. I’m really sorry this happened. We have a basic responsibility to protect people’s data,” he said in an interview with CNN, breaking a public silence since the scandal erupted at the weekend.

The chief executive promised tougher steps to restrict developers’ access to such information.

Facebook is under intense government scrutiny in Kenya, Europe and the United States after a whistleblower’s allegations that Cambridge Analytica improperly accessed user information to build profiles on voters and influence elections.

“I’m not sure we shouldn’t be regulated,” Zickertold CNN. “I actually think the question is more what is the right regulation rather than yes or no, should it be regulated? … People should know who is buying the ads that they see on Facebook.”

Facebook shares pared gains on Wednesday after Zuckerberg’s post, closing up 0.7 percent.

The company has lost more than $45 billion of its stock market value over the past three days on investor fears that any failure by big tech firms to protect personal data could deter advertisers and users and invite tougher regulation.

On Tuesday, the board of Cambridge Analytica suspended its Chief Executive Alexander Nix, who was caught in a secret recording boasting that his company played a decisive role in US President Donald Trump’s victory.