Facebook announces privacy settings overhaul after Cambridge Analytica scandal

Facebook has announced on Wednesday it will give users more control over their privacy settings in response to the data theft scandal which allegedly saw 50m users' personal used to influence the 2016 US elections.

Included in the company's update will be more warnings to users so that they know exactly what information is being collected and what it will be used for. Users will also be able to review and delete data that they have shared.

The aim is to grant the members of the Facebook community more control over their personal information, although Facebook will still store some data, such as what ads users click on.

Erin Egan, Facebook’s chief privacy officer and Ashlie Beringer, vice president and deputy general counsel said: "We've heard loud and clear that privacy settings and other important tools are too hard to find, and that we must do more to keep people informed."

The upgrades will be implemented over the course of the following weeks and will be available for both the computer and the mobile app versions of the social-networking platform.

Facebook has faced intense criticism in the wake of the reports involving Cambrigde Analytica, sending its stock down by nearly 18% since 16 March, when it admitted the data may have been misused, resulting in a roughly $100bn hit to the company’s market value.

It's shares are currently trading up 0.71% in pre-market trading.