Cambridge Analytica, the UK-based data firm at the centre of a massive storm following allegations of Facebook leaking user information, is reportedly planning to 'cease all operations.'
The Associated Press reported that Cambridge Analytica issued a statement saying that it has been 'vilified' for actions the company terms legal and acceptable in the world of online advertising. The company in the statement reportedly says that as a result of recent data leak controversy though, it has lost a major part of its customer base as well as suppliers, and has therefore decided to shut down.
The company made headlines for all the wrong reasons in recent months after reports emerged that it had attempted to build psychological profiles of a significant part of US electorate through information from Facebook. It is suspected that the company used an app to collect data of millions of Facebook users. And this was not just in the US but several other countries like Indonesia, the UK and India where user data was compromised - forcing Facebook CEO to apologise in a congressional appearance. "It was my mistake, and I'm sorry," he had said about data of almost 87 million users being compromised.
While Facebook has since tightened privacy laws and assured users of protecting their data, time has not been too kind to Cambridge Analytica. The firm let go of CEO Alexander Tayler in April as it increasingly found itself in the middle of investigations. Having assured agencies of co-operation, Cambridge Analytica reportedly did not meet the deadline set for producing information requested by UK investigators.
While the main charge against Cambridge Analytica is that it acquired personal data illegaly, the company has maintained that it has not broken any law.