The year has been tough for the technology giants as they have been encountering several challenges in the way towards growth. The problems that have been revolving over the technology giants concerns the data privacy issues Not so long ago, Facebook Inc (NASDAQ: FB) also faced the issues related to the data privacy and it’s time for another tech giant. The attempts of an employee of Google (NASDAQ: GOOGL) to keep the company away from the regulatory concerns have now failed because Google has also been attacked by the third party. The news related to the data breach was not reported by the company itself which made the situation even worse for the company. The market players are of the view that the company’s act of hiding the information of the data breach was deliberate in order to avoid the attention of the regulators.
However, the company has a completely different view. They stated that the data breach was not impactful enough to bring it to the notice of the market players. According to them, the personal information has not been misused. The bug was discovered in its Google+ and, as a result, the third party was able to access the data which were believed by the people to be private. The bug could severely impact and thus allowing 438 external apps to gain access to email addresses, names, and other private information without permission.
Yesterday, the tech giant came forward and made an announcement regarding the shutting down of the Google+ social network. The company also plans to make the practices stronger which could help in barring the access to the personal information from the third-party apps’ developers. These developers attack the data so that they are own become superior. The company’s move was followed by the internal review. This review was launched earlier in 2018 during the times when the technology giants where being impacted by the data breaches events as thus, they attracted attention from the regulators.
The non-disclosure of the data breach also makes us remember which was done by the Facebook (NASDAQ: FB). At the time of this breach, Facebook also didn’t give any warning to the users about the data breach. However, Facebook’s case attracted the attention of the regulators and the verifications related to the way the company used to store the data were also initiated. After this breach, stringent regulations came up in the US as well as Europe.
There have been several views in regard to the data breach by Google. Some also view that gathering the users’ data and after that protecting these large chunks of data is indeed a very difficult task for any company. Therefore, instead of focusing on what went wrong in the data handling with Google, the focus should be more on the fact that the companies which have stored sufficient amount of data are always in the eyes of the hackers and thus, the risk of being attacked by them is always there. However, these types of practices do impact the brand image of the company be it Google or Facebook and the impact was even felt. On October 8, 2018, the stock price of Google witnessed significant downtrend and ended the day at US$1,155.92. This reflects an intraday fall of US$11.91 or 1.02%.
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