The CEO of Apple, Tim Cook and the CEO of IBM, Ginni Rommety have called for more regulation of Facebook in the wake of the social network’s data scandal.
“I’m personally not a big fan of regulation because sometimes regulation can have unexpected consequences to it, however I think this certain situation is so dire, and has become so large, that probably some well-crafted regulation is necessary” said Tim Cook, speaking at the China Development Forum in Beijing.
Rommety, speaking at the same event, called for more user control over data. “(We have to let) people opt in and opt out, and be clear that ownership of the data does belong to the creator.”
The Facebook data scandal is turning into an unprecedented crisis for the social network. The company has just been hit with stories that it collects data on users’ phone calls and text messages. Consumer trust in the social network has plummeted, with over 51 percent of users saying they are “very” or “somewhat” likely to quit the platform. Meanwhile, the FTC has just launched an investigation into the company’s privacy practices.
Facebook executives including Mark Zuckerberg and Sheryl Sandberg are now openly welcoming regulation by the government.
‘It’s not a question of if regulation, it’s a question of what type,’” Sandberg said. “We’re open to regulation. We work with lawmakers all over the world.” Sandberg discussed the data scandal saying, “We know this is an issue of trust. We know this is a critical moment for our company, for the service we provide.” She continued to say, “We are going to do everything we can.”