The cries for government regulation of the big internet platforms have reached a crescendo. Meanwhile, the private sector is working out its own responses. From Tyler Durden at zerohedge.com:
Update: first it was Mozilla, now Germany’s Commerzbank has also suspended a Facebook advertising campaign:
“Brand safety and data security are very important to us”, German daily Handelsblatt quotes Commerzbank brand management chief Uwe Hellmann as saying. “We want to give ongoing investigations enough space, and decide how to proceed at an appropriate time.”
A week ago, Commerzbank had launched a large-scale image campaign, which will be broadcast on selected TV channels as well as online, including on Facebook. It is the continuation of the new brand positioning of the Frankfurt company, which has been ongoing since 2012.
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Facebook advertisers have threatened to abandon the platform in the wake of a massive data harvesting scandal which began after it was revealed that an app created by two psychologists – one of whom Facebook employs – gathered data on over 50 million Americans and then sold it to political data firm Cambridge Analytics and several others, who used it without consent.
Mark Zuckerberg, co-founder and CEO of the social media giant gave several interviews Wednesday after spending three days in hiding, ostensibly with a crisis management team which advised him not give wholly unsatisfactory answers to one of the largest data breaches in history.
The scandal is pushing some Facebook advertisers to consider dropping the platform, reports The Times.
ISBA, a British group of advertisers that spend hundreds of millions of pounds a year on Facebook, demanded answers. It is understood that some of its 3,000 brands, which include those of the consumer goods companies Unilever and P&G, will not tolerate association with Facebook if it emerges that users’ data has found its way into the hands of brokers and political campaigners without authorisation. Sources close to the trade body said that if the company’s answers were not satisfactory, advertisers might spend their money elsewhere. ISBA will meet Facebook executives this week.
To continue reading: Commerzbank, Mozilla, Suspend Facebook Ad Campaigns As Advertisers Start Pulling Out