• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Facebook loses $25 billion amid data breach scandal

Fikayo Owoeye by Fikayo Owoeye
March 20, 2018
in Business News, Company News
Facebook. Photo by Tim Bennett on Unsplash

Facebook. Photo by Tim Bennett on Unsplash

Share on FacebookShare on TwitterShare on Linkedin

Facebook’s stock has dropped, as the world reacts to the huge “data breach” scandal that broke over the weekend. The drop of 7 percent means that around $25billion has been lost from the company’s market value.

Courtesy: Yahoo Finance

RelatedStories

Nigeria’s oil sector records –0.85% growth in Q3/2023 

Nigeria’s oil and gas industry faces rising data breach risks – New report warns 

April 23, 2025
Data protection has contributed N5.5 billion to Nigeria’s GDP -Vincent Olatunji 

Seven firms pay N400 million to NDPC as sanction for data breach 

June 12, 2024

What led to the Data Breach

Aleksandr Kogan, a University of Cambridge professor, accessed the data of more than 50 million Facebook users by creating a survey app filled out by 270,000 people. Facebook provided Kogan with the data of everyone who took the survey, as well as their friends’ data.

The app was a personality quiz that asked Facebook users for information about themselves. Kogan’s company Global Science Research had a deal to share info from the app with Cambridge Analytica. An estimated 270,000 Facebook users signed up and took the personality tests. But the app also collected the information of each user’s Facebook friends, who couldn’t possibly have provided consent.

Cambridge Analytica, a data analysis company, allegedly used the data sourced from Kogan to build a powerful software program to predict and influence choices at the ballot box and to help Trump get elected.

The firm harvested private information from the Facebook profiles of more than 50 million users without their permission. The company used the data to build psychological profiles of Facebook users, to create better political campaigns that could sway their views.

Facebook’s response to the data breach

Facebook revealed that Kogan gained access to this information in a legitimate manner and through the proper channels that governed all developers on Facebook at that time.

Facebook, however, acknowledged rules were violated by passing the users’ data to third parties, including Cambridge Analytica, the political data firm founded by former Trump aide Steve Bannon.

Facebook found out about the breach in 2015, shut down the professor’s access and asked Cambridge Analytica to certify that it had deleted the user data.

However, the social network on last week suspended Cambridge from its system, explaining that it had learned the information wasn’t erased.

Cambridge Analytica (CA) is a privately held company that combines data mining and data analysis with strategic communication for the electoral process. It was created in 2013 as an offshoot of its British parent company SCL Group to participate in American politics.

Facebook was launched on February 4, 2004, by Mark Zuckerberg and his fellow classmates Eduardo Saverin, Andrew Mccallum, Chris Hughes.

The company has since expanded into other areas buying Instagram for $1 billion in April 2012 and Whatsapp for $19 billion in February 2014. 2016 revenues were estimated at over $25 billion and the company has over 20,000 employees.


Follow us for Breaking News and Market Intelligence.
Tags: Data BreachFcaebook
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

Related Posts

Nigeria’s oil sector records –0.85% growth in Q3/2023 
Energy

Nigeria’s oil and gas industry faces rising data breach risks – New report warns 

April 23, 2025
Data protection has contributed N5.5 billion to Nigeria’s GDP -Vincent Olatunji 
Sectors

Seven firms pay N400 million to NDPC as sanction for data breach 

June 12, 2024
NIMC, world Bank
Sectors

Data breach: NIMC restricts licensed agents’ access to NIN database

March 29, 2024
NIMC, world Bank
Sectors

NIN database: NDPC probes alleged privacy breach at NIMC 

March 18, 2024
NDPC, Dr. Vincent Olatunji
Tech News

FG investigates OPay, Meta, DHL over alleged data breach 

October 5, 2023
data breaches
Sectors

Data breaches top list of security concerns for Nigerian chief information officers—Report 

September 30, 2022
Next Post
Photo by Marius Masalar on Unsplash

Lagosians will now enjoy free WiFi from Swift Networks

Comments 1

  1. Benny says:
    March 21, 2018 at 9:24 pm

    I could see this coming yesterday, If you had watched Amanpour yesterday evening, Mark’s former mentor really laid into him and facebook, then CNN revealed a derogatory text conversation between Mark and his colleague where Mark made fun of users for trusting him with their personal information.
    Any smart trader who was watching that last night would simply take SHORT positions on their stock.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 
  • HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation

Follow us on social media:

Recent News

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics