New York Governor Andrew Cuomo has asked the DFS to investigate Twitter after July 15, 2020, when massive hacking of accounts held by celebrities in platform Twitter, as well as many companies encryption.
According to a report released yesterday on this research, the global social media platform does not have adequate cybersecurity protections, while at the time of the malicious attack, did not have at its disposal a special threat intelligence.
DFS found that the hackers acquired access on Twitter systems, simply calling the Twitter employees and claiming that it was from the company's IT department, credentials association of potential victims.
Using this sophisticated attack strategy, the cybercriminals invaded Twitter accounts politicians, celebrities and businessmen, including Barack Obama, Kim Kardashian, his Jeff BezosOf Elon Musk and many DFS-regulated encryption companies.
According to DFS, the massive Twitter hack demonstrates the need for strong cybersecurity to reduce the chances of large social media companies being breached.
In addition, the report proposed the creation of a new regulatory framework for cybersecurity on social media giants such as Facebook and Twitter. At present, the cybersecurity policies and programs of such companies are not controlled by a specific federal or state regulator to ensure that cybersecurity policies and programs adequately address the risks of their digital operating models.
Linda Lacewell, a financial services inspector, said companies like Facebook, Twitter and the Instagram had the ability to be adjusted for quite some time. He added that the platforms of these companies, as well as other similar platforms, have quickly become the main source of news and information, however no regulator has adequate cyber security oversight.
According to Lacewell, poor and inadequate cybersecurity on extremely important social media platforms that increasingly dictate what content is noteworthy could potentially allow hackers to interfere in the November 3 US presidential election. In particular, Lacewell pointed out that, as elections approach, greater regulatory oversight of large social media companies is needed, as the integrity of elections and markets depends on it.
Finally, the report recommends that, given their millions of users and the enormous power of news media, social media companies should be "defined as systemically important institutions with prudent regulation to manage the increased risk in cybersecurity".