Twitter prepared to pay a large amount of money

Many years ago, Twitter said that they would use mobile phone numbers as part of two-factor and making sure we can get in to our accounts. I know that during this major mistake where an individual was tricked in turning over credentials to a internal tool which eventually let other people take over big time accounts there. We also have learned that some passwords were changed either through reset, or through the tool.

In an article entitled Twitter prepares to pay up to $250 million for using security data for advertising it talks about this and the recent events as well.

Twitter acknowledged it could pay up to $250 million to the U.S. Federal Trade Commission for directing targeted advertising to users based off data submitted
for security purposes.

In a financial filing
submitted to the Securities and Exchange Commission,
Twitter estimated it would pay between $150 million and $250 million to the FTC. The penalty comes after the FTC drafted a complaint on July 28 alleging that Twitter used “phone number and/or email address data provided for safety and security purposes for targeted advertising during periods between 2013 and 2019,” Twitter said in the SEC filing.

The complaint suggests Twitter violated a 2011 FTC consent order that required the company to establish a data security program, which required them to
be transparent with users about the security and privacy measures in place. In October 2019,
the company said it used email addresses and phone numbers to improve targeted advertising efforts.

There is more to this story The company even says that they don’t know how many people were used for targeted advertising. As the breach isn’t bad enough, we’re finding out about this problem too?

I believe during the incident in July, Twitter was as transparent as possible under the circumstances. Why not earlier? I’m leaving my twitter, but now I’m really wondering about this.

“The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome,” Twitter said in its SEC filing.

Twitter submitted the SEC filing days after it’s second-quarter earnings report, in which the company said its number of daily users had grown by 12% to
186 million people, though its revenue fell by 19% from one year earlier to $683 million.

The boards await you and there’s more. Go on, read more. It was a very interesting article. Thoughts welcome.