With the growing tension between Russia and the U.S, news is that Russian cyber criminals have broken into the U.S power grid and are making their way into the database of top companies of the country. Sony suffered huge losses when hackers leaked important files online for downloading regarding the company’s upcoming movies. Though, the main threat is that the hackers will eventually shut down the electricity in the country, people are more concerned what will happen if the hackers make their way into the database social networks, especially Facebook Inc. (NASDAQ:FB)?
Facebook Inc. (NASDAQ:FB) has around 1.3 billion members from all around the world and as of yet it has been hack-proof. But if the news regarding the Russian hackers having already made their way into the power grid is true, then it’s about time social networks beef up their security because there is simply a lot at stake. Hacking Facebook Inc. (NASDAQ:FB) wouldn’t result in a financial jolt to the U.S economy but the investors of the company would suffer a lot.
Facebook Inc. (NASDAQ:FB) reported a revenue of 3.2 billion. The company’s market cap is riveted at 200 billion dollars. Investors wouldn’t be able to cope with a large hack at this point. As mentioned, Facebook Inc. (NASDAQ:FB) has billions of users and most often than not, users upload their personal data onto their accounts. Most people rely upon Facebook Inc. (NASDAQ:FB)’s own security to protect their data but a hack would mean that all that personal data could fall into wrong hands.
Someone who could use it against you or who could use your account for nefarious purposes. Through social media one can learn about the likings and preferences of a user. Similarly if one has to know about someone’s political inclination or views then through Facebook Inc. (NASDAQ:FB) it can be easily found out. Many people rely upon the news they get from Facebook Inc. (NASDAQ:FB) rather than well-known media channels.
This tells us that Facebook Inc. (NASDAQ:FB) is immersed in political air and has become a sensitive platform. It’s not just a casual social platform as it once was, a couple of years back. Facebook Inc. (NASDAQ:FB) spends a lot of money and resources to keep its network ironclad. A hack would mean that the company’s money, which is being poured in for security is being wasted or is simply inadequate. Many people are arguing that Facebook Inc. (NASDAQ:FB) isn’t safe.
If one of the largest corporations in the world can be hacked (Apple, Sony etc) then why not Facebook Inc. (NASDAQ:FB)? At this point every company associated with the U.S is vulnerable and it’s about time everyone tweaks their security because there is too much at stake, especially for social networks. If a hack happens then they’ll lose the trust and faith of their users and on top of that investors would start losing faith in the company as well.