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New York Regulator Calls for More Social Media Oversight After Twitter Hack
NYDFS said cybersecurity must be treated as critical infrastructure by governments and corporations alike.
July's Twitter hack and bitcoin scam should impel corporates and even governments into more forcefully counteracting the "weaponization" of social media giants, the New York State Department of Financial Services said Wednesday.
STORY CONTINUES BELOW
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"The Twitter hack demonstrates, more than anything, the risk to society when systemically important institutions are left to regulate themselves," NYDFS said in its final report.
- Researchers were troubled the hackers (allegedly teenagers) could break into Twitter, co-opt major accounts and spread a scam using only "basic techniques."
- The hack, whose backers launched a double-your-money bitcoin scam, only netted $118,000 in crypto. But it brought Twitter "to its knees" and in so doing exposed its inadequate security mechanisms, NYDFS said.
- NYDFS said governments and regulators should bolster their cybersecurity safeguards, treat cyber as "critical infrastructure" and closely monitor "systemic threats" against the social media giants.
- "The time for government action is now," NYDFS said.
This is a developing story.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
