Facebook got hacked, it revealed on Friday - and 50 million users' accounts were compromised. The hack was discovered by the company this week.
"We're taking this incredibly seriously and wanted to let everyone know what's happened and the immediate action we've taken to protect people's security", the company said in a statement.
In response, Facebook said it had fixed the vulnerability, informed law enforcement and reset the access tokens of the nearly 50 million accounts known to be affected. "It is too early to reason about the extent of any possible leaks but access tokens, in principle, allow total control over user accounts, possibly also involving third party apps where the user has been logged via Facebook login", said Olejnik.
Facebook has a "View As" feature that lets you see how your Facebook profile looks to someone else.
It's also not yet clear who is behind the attack on Facebook, or whether the attacks were targeted, and the reason behind it. Facebook has now patched the vulnerabilities and revoked the compromised access tokens, forcing affected users to log back in (though their passwords haven't been compromised, the company says) and notifying them about the issue.
The social media site has apologised for a data breach affecting up to 50 million account holders worldwide, which was identified over the weekend. The company also has reset access tokens for the affected accounts and another 40 million accounts that have have used the "View As" feature in the past year.
The vice-president of product management, Guy Rosen, also spoke on the conference, saying that the company has notified and was working with the Federal Bureau of Investigation.
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But the occurrence of a security breach is not enough to warrant a fine, and the new privacy law's fines have yet to be tested. But it wasn't until mid-September that Facebook noticed an uptick in unusual activity, and not until this week that it learned of the attack, Rosen said. Data that could have been taken included information that could be found using the "standard profile retrievable API", which includes data like gender, name or hometown, he said.
"We don't know if any accounts were actually misused", Zuckerberg said.
Hackers could also use the information they stole to defraud you, potentially gaining access to your bank accounts or other important services.
Research on several dark web marketplaces and uncovered that criminals can buy Facebook logins for just £3, and email logins for as little as £2.10.
Matt Schulz, Chief Industry Analyst at CompareCards, said the breach is another reminder to keep accounts secure. For example- what is this new breach?
As the Journal noted, European regulators have not used the GDPR to levy fines yet and it remains to be seen whether they would apply the maximum penalty or any at all, especially if they determine Facebook "took appropriate steps to safeguard its users' data before the hack" and "has cooperated or been in at least partial compliance".
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