British lawmakers have warned of crisis in democracy due to misuse of personal data and have stated that technology firms including Facebook should be made liable for misleading material on their websites.
They also opined that the tech companies need to pay a levy so they can be regulated.
It is being said that Facebook has increasingly come under scrutiny of the media committee’s inquiry into fake news.
This whole concern stems from the fact that data of 87 million users was improperly accessed by British-headquartered consultancy Cambridge Analytica.
The cost of higher privacy standards will hit Facebook’s profit margins for several years, the firm said.
that a whopping $120 billion has now been wiped off its share price.
The tech giant is especially coming under regulatory scrutiny in Britain, the United States and the European Union.
They must be made responsible, and liable, for the way in which harmful and misleading content is shared on their sites.>