The outcry has sparked fresh debate about how far political parties should be allowed to go when profiling voters.
Wylie called the data a 'political gold mine'.
The company, which the New York Times reported was staffed by mostly British workers then, assisted Republican Senator Ted Cruz's presidential campaign before helping Trump's. Following media reports, the data leak has prompted lawmakers to get involved. The two Cambridge Analytica executives at the meeting humoured these questions and actively encouraged the prospective client to disclose his intentions.
A British television station broadcast video Monday apparently showing the head of the data analysis firm Cambridge Analytica, which worked for President Donald Trump's 2016 campaign, talking about using bribes, traps involving sex workers and other unethical tactics to swing elections around the world. The quiz named "thisisyourdigitallife" acquired user's personal details without their consent and build algorithms that reportedly helped Trump influence the election.
Wylie claimed Cambridge Analytica used the data it had while speaking with Russian businesses.
Earlier this year, when the USA government indicted 13 Russians who used Facebook to manipulate voters, a Facebook advertising executive took to Twitter to clarify that overall, the Russian ads were primarily used to divide Americans, not influence the election. Woodhouse said he could not find a contract the party signed with the company.
For Facebook, the controversy appears to be taking a toll. Now its stocks sit at US$172.56, down 6.7 per cent. We spent over $1 million on it, so it wasn't cheap but in terms of the amount of data that was collected, and the quality of that data, it was a rare example of where something was fast, relatively cheap, but high-quality, " Wylie said.
U.K. Information Minister Elizabeth Denham had demanded access to Cambridge Analytica's databases by Monday following reports that the company improperly mined user data from Facebook to target potential voters.
Facebook said on Monday it had hired forensic auditors from the firm Stroz Friedberg to investigate and determine whether Cambridge Analytica still had the data.
She also attempted to address what the social media firm intends to do on a more proactive front.
Facebook alleges that users' data was taken without their permission, but in reality, it was extracted using a loophole in Facebook's app ecosystem at the time.
Her shock was over how the personal data of 50 million Facebook users "could be so easily mishandled and used for political goal!", Jourova said.
"Why Facebook didn't make more inquiries when they started seeing that, you know, tens of millions of records were being pulled this way, I don't know", he said. "We will take whatever steps are required to see that this happens". "Our interests are aligned with users when it comes to protecting data".
He said his ultimate goal is to ensure that the privacy rights of Canadian Facebook users are protected.
Daniel Kreiss, a professor of media and communications at the University of North Carolina, said Facebook failed to live up to its responsibilities on election ads.
"This is a rapidly moving, rapidly evolving situation because of technology".
"We just put information into the bloodstream of the internet, and then watch it grow, give it a little push every now and again like a remote control", he said. It enabled the firm to inject information into different forms of online content, so that people saw things that may not have been true, he said.
"We're not in the business of fake news, we're not in the business of lying, making stuff up, and we're not in the business of entrapment", it said.
Cambridge Analytica denied all allegations made by Channel 4 News regarding its business practices.