The data breach involving 87 million Facebook users and Cambridge Analytica, the data analytics firm, was a “profound failure of governance” within the social media business, according to a committee of UK MPs.
In a report examining the production of "fake news", members of the digital, culture, media and sport committee concluded that regulation needs tightening, with the introduction of a compulsory code of ethics for tech companies and their use of data.
They also recommended the creation of a new independent regulator to rule on what may be considered harmful content and reforms that would ensure tech companies assume legal liability for such content.
The report looked at disinformation and "fake news” online, the privacy of social media users and the ability to affect their political choices online.
The investigation followed revelat
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda