Cambridge Analytica has become a household name, synonymous with invasion of privacy. Its controversial entanglement with Facebook was a wake-up call about how we share information online. Of course, Cambridge Analytica is gone now, and Mark Zuckerberg has survived so far. But the fallout for Facebook feels never-ending: the initial stock drop, the congressional testimony, a record-breaking $5 billion fine from the Federal Trade Commission, a class-action suit approved by a federal judge,1 and another uncomfortable grilling in Congress.
The Facebook scandal is a cautionary tale for executives and consumers alike. But the lesson is much bigger than one about so-called fake news. The hasty reconstruction of value chains around new technologies is introducing and exacerbating ethical concerns across industries. It’s a free-for-all race as companies compete to impress users with new capabilities, and what’s at stake isn’t just which ones survive but whether we are able to sustain a civilized society or end up in a high-tech Wild West.