3/30/2023 0 Comments Activity tab for twitter![]() ![]() This Report reviews the facts surrounding the Twitter Hack, the reasons why it occurred, and what could be done to prevent future incidents. With respect to cybersecurity, that is what is needed for large, systemically important social media companies. In other industries that are deemed critical infrastructure, such as telecommunications, utilities, and finance, we have established regulators and regulations to ensure that the public interest is protected. ![]() While policymakers focus on antitrust and content moderation problems with large social media companies, their cybersecurity is also critical. But our public institutions have not caught up to the new challenges posed by social media. The Twitter Hack demonstrates the need for strong cybersecurity to curb the potential weaponization of major social media companies. In the hands of a dangerous adversary, the same access obtained by the Hackers–the ability to take control of any Twitter users’ account–could cause even greater harm. There are well-documented examples of social media being used to manipulate markets and interfere with elections, often with the simple use of a single compromised account or a group of fake accounts. The implications of the Twitter Hack extend far beyond this garden-variety fraud. Notably, the Twitter Hack did not involve any of the high-tech or sophisticated techniques often used in cyberattacks – no malware, no exploits, and no backdoors. The extraordinary access the Hackers obtained with this simple technique underscores Twitter’s cybersecurity vulnerability and the potential for devastating consequences. Indeed, the Hackers used basic techniques more akin to those of a traditional scam artist: phone calls where they pretended to be from Twitter’s Information Technology department. Given that Twitter is a publicly traded, $37 billion technology company, it was surprising how easily the Hackers were able to penetrate Twitter’s network and gain access to internal tools allowing them to take over any Twitter user’s account. adults get their news from social media “often” or “sometimes.” In short, Twitter plays a central role in how we communicate and how news is spread. But more significantly, this incident exposed the vulnerability of a global social media platform with over 330 million total monthly active users and over 186 million daily active users, including over 36 million (20%) in the United States. In monetary value, the Hackers stole over $118,000 worth of bitcoin. And for several hours Twitter seemed unable to stop the hack. The Hackers took over the Twitter accounts of politicians, celebrities, and entrepreneurs, including Barack Obama, Kim Kardashian West, Jeff Bezos, and Elon Musk, as well as Twitter accounts of several cryptocurrency companies regulated by the New York State Department of Financial Services. For several hours, the world watched while the Hackers carried out a public cyberattack, by seizing one high-profile account after another and tweeting out a “double your bitcoin” scam. On July 15, 2020, a 17-year old hacker and his accomplices breached Twitter’s network and seized control of dozens of Twitter accounts assigned to high-profile users. ![]()
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