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Twitter hack probe leads to call for cybersecurity rules for social media giants

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twitter hack probe leads to call for cybersecurity rules for social media giants

An investigation into this summer’s Twitter hack by the New York State Department of Financial Services (NYSDFS) has ended with a stinging rebuke for how easily Twitter let itself be duped by a “simple” social engineering technique — and with a wider call for key social media platforms to be regulated on security.

In the report, the NYSDFS points, by way of contrasting example, to how quickly regulated cryptocurrency companies acted to prevent the Twitter hackers scamming even more people — arguing this demonstrates that tech innovation and regulation aren’t mutually exclusive.

Its point is that the biggest social media platforms have huge societal power (with all the associated consumer risk) but no regulated responsibilities to protect users.

The report concludes this is a problem U.S. lawmakers need to get on and tackle stat — recommending that an oversight council be established (to “designate systemically important social media companies”) and an “appropriate” regulator appointed to ‘monitor and supervise’ the security practices of mainstream social media platforms.

“Social media companies have evolved into an indispensable means of communications: more than half of Americans use social media to get news, and connect with colleagues, family, and friends. This evolution calls for a regulatory regime that reflects social media as critical infrastructure,” the NYSDFS writes, before going on to point out there is still “no dedicated state or federal regulator empowered to ensure adequate cybersecurity practices to prevent fraud, disinformation, and other systemic threats to social media giants”.

“The Twitter Hack demonstrates, more than anything, the risk to society when systemically important institutions are left to regulate themselves,” it adds. “Protecting systemically important social media against misuse is crucial for all of us — consumers, voters, government, and industry. The time for government action is now.”

We’ve reached out to Twitter for comment on the report

Among the key findings from the Department’s investigation are that the hackers broke into Twitter’s systems by calling employees and claiming to be from Twitter’s IT department — through which simple social engineering method they were able to trick four employees into handing over their log-in credentials. From there they were able to access the Twitter accounts of high profile politicians, celebrities, and entrepreneurs, including Barack Obama, Kim Kardashian West, Jeff Bezos, Elon Musk, and a number of cryptocurrency companies — using the hijacked accounts to tweet out a crypto scam to millions of users.

Twitter has previously confirmed that a “phone spear phishing” attack was used to gain credentials.

Per the report, the hackers’ “double your bitcoin” scam messages, which contained links to make a payment in bitcoins, enabled them to steal more than $118,000 worth of bitcoins from Twitter users.

Although a considerably larger sum was prevented from being stolen as a result of swift action taken by regulated crypto companies — namely: Coinbase, Square, Gemini Trust Company and Bitstamp — who the Department said blocked scores of attempted transfers by the fraudsters.

“This swift action blocked over 6,000 attempted transfers worth approximately $1.5 million to the Hackers’ bitcoin addresses,” the report notes.

Twitter is also called out for not having a cybersecurity chief in post at the time of the hack — after failing to replace Mike Convertino, who left in December 2019 to join cyber resilience firm Arceo.

Last month it announced Rinki Sethi had been hired as CISO.

“Despite being a global social media platform boasting over 330 million average monthly users in 2019, Twitter lacked adequate cybersecurity protection,” the NYSDFS writes. “At the time of the attack, Twitter did not have a chief information security officer, adequate access controls and identity management, and adequate security monitoring — some of the core measures required by the Department’s first-in-the-nation cybersecurity regulation.”

European Union data protection law already bakes in security requirements as part of a comprehensive privacy and security framework (with major penalties possible for security breaches). However an investigation by the Irish DPC of a 2018 Twitter security incident is still yet to conclude after a draft decision failed to gain the backing of the other EU data watchdogs this August — triggering a further delay to the pan-EU regulatory process.

This story was updated with a correction: Twitter had failed to replace Mike Convertino as CISO rather than Michael Coates, who was also in the post but left Twitter in March 2019, rather than in March 2020 as we originally stated

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Facebook Faces Yet Another Outage: Platform Encounters Technical Issues Again

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Facebook Problem Again

Uppdated: It seems that today’s issues with Facebook haven’t affected as many users as the last time. A smaller group of people appears to be impacted this time around, which is a relief compared to the larger incident before. Nevertheless, it’s still frustrating for those affected, and hopefully, the issues will be resolved soon by the Facebook team.

Facebook had another problem today (March 20, 2024). According to Downdetector, a website that shows when other websites are not working, many people had trouble using Facebook.

This isn’t the first time Facebook has had issues. Just a little while ago, there was another problem that stopped people from using the site. Today, when people tried to use Facebook, it didn’t work like it should. People couldn’t see their friends’ posts, and sometimes the website wouldn’t even load.

Downdetector, which watches out for problems on websites, showed that lots of people were having trouble with Facebook. People from all over the world said they couldn’t use the site, and they were not happy about it.

When websites like Facebook have problems, it affects a lot of people. It’s not just about not being able to see posts or chat with friends. It can also impact businesses that use Facebook to reach customers.

Since Facebook owns Messenger and Instagram, the problems with Facebook also meant that people had trouble using these apps. It made the situation even more frustrating for many users, who rely on these apps to stay connected with others.

During this recent problem, one thing is obvious: the internet is always changing, and even big websites like Facebook can have problems. While people wait for Facebook to fix the issue, it shows us how easily things online can go wrong. It’s a good reminder that we should have backup plans for staying connected online, just in case something like this happens again.

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We asked ChatGPT what will be Google (GOOG) stock price for 2030

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We asked ChatGPT what will be Google (GOOG) stock price for 2030

Investors who have invested in Alphabet Inc. (NASDAQ: GOOG) stock have reaped significant benefits from the company’s robust financial performance over the last five years. Google’s dominance in the online advertising market has been a key driver of the company’s consistent revenue growth and impressive profit margins.

In addition, Google has expanded its operations into related fields such as cloud computing and artificial intelligence. These areas show great promise as future growth drivers, making them increasingly attractive to investors. Notably, Alphabet’s stock price has been rising due to investor interest in the company’s recent initiatives in the fast-developing field of artificial intelligence (AI), adding generative AI features to Gmail and Google Docs.

However, when it comes to predicting the future pricing of a corporation like Google, there are many factors to consider. With this in mind, Finbold turned to the artificial intelligence tool ChatGPT to suggest a likely pricing range for GOOG stock by 2030. Although the tool was unable to give a definitive price range, it did note the following:

“Over the long term, Google has a track record of strong financial performance and has shown an ability to adapt to changing market conditions. As such, it’s reasonable to expect that Google’s stock price may continue to appreciate over time.”

GOOG stock price prediction

While attempting to estimate the price range of future transactions, it is essential to consider a variety of measures in addition to the AI chat tool, which includes deep learning algorithms and stock market experts.

Finbold collected forecasts provided by CoinPriceForecast, a finance prediction tool that utilizes machine self-learning technology, to anticipate Google stock price by the end of 2030 to compare with ChatGPT’s projection.

According to the most recent long-term estimate, which Finbold obtained on March 20, the price of Google will rise beyond $200 in 2030 and touch $247 by the end of the year, which would indicate a 141% gain from today to the end of the year.

2030 GOOG price prediction: Source: CoinPriceForecast

Google has been assigned a recommendation of ‘strong buy’ by the majority of analysts working on Wall Street for a more near-term time frame. Significantly, 36 analysts of the 48 have recommended a “strong buy,” while seven people have advocated a “buy.” The remaining five analysts had given a ‘hold’ rating.

1679313229 737 We asked ChatGPT what will be Google GOOG stock price
Wall Street GOOG 12-month price prediction: Source: TradingView

The average price projection for Alphabet stock over the last three months has been $125.32; this objective represents a 22.31% upside from its current price. It’s interesting to note that the maximum price forecast for the next year is $160, representing a gain of 56.16% from the stock’s current price of $102.46.

While the outlook for Google stock may be positive, it’s important to keep in mind that some potential challenges and risks could impact its performance, including competition from ChatGPT itself, which could affect Google’s price.


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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This Apple Watch app brings ChatGPT to your wrist — here’s why you want it

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Apple Watch Series 8

ChatGPT feels like it is everywhere at the moment; the AI-powered tool is rapidly starting to feel like internet connected home devices where you are left wondering if your flower pot really needed Bluetooth. However, after hearing about a new Apple Watch app that brings ChatGPT to your favorite wrist computer, I’m actually convinced this one is worth checking out.

The new app is called watchGPT and as I tipped off already, it gives you access to ChatGPT from your Apple Watch. Now the $10,000 question (or more accurately the $3.99 question, as that is the one-time cost of the app) is why having ChatGPT on your wrist is remotely necessary, so let’s dive into what exactly the app can do.

What can watchGPT do?

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