Should you unfriend Facebook?
For many retailers, Facebook is an important marketing and customer engagement channel. It is also becoming increasingly transactional, along with its sister platform Instagram. But, times are tough for the social media giant. Last week, it notified users that hackers had attacked its network and accessed the personal information of nearly 50 million users. At the same time, Instagram's founders abruptly resigned, just months after WhatsApp CEO Jan Koum's departure. From a regulatory perspective, members of Congress have redoubled their criticisms of Facebook, which is still wrapped up in SEC, FBI, and FTC probes thanks to the Cambridge Analytica scandal. And, perhaps worst of all, Facebook's stock price fell 3.4% after the company announced the breach. Overall, its share price is down 10.3% on the year as the company struggles to rebound.