The recent hack of the U.S. Securities and Exchange Commission’s (SEC) official account on X, previously known as Twitter, has reignited worries about the social media giant’s security protocols since its acquisition by Elon Musk in 2022.
Incident Overview
The incident involved false information about a crucial SEC announcement on bitcoin, causing a temporary spike in the cryptocurrency’s price. X confirmed that the SEC account was compromised when an individual gained control over the associated phone number through a third party.
Security Lapses
Notably, the SEC did not have two-factor authentication enabled at the time. While X asserted that its systems were not breached, security analysts find the situation disconcerting. Former cybersecurity official Austin Berglas highlighted the potential for massive disinformation and its impact on market dynamics.
Historical Security Concerns
X accounts can be compromised through various methods, including password theft or exploiting security vulnerabilities, as seen in the 2020 hack. The SEC, acknowledging the “unauthorized access,” is collaborating with law enforcement for a thorough investigation.
Pre-Existing Issues with X’s Security
X, even before Musk’s ownership, faced security issues, including the 2019 incident where a Saudi agent accessed dissidents’ personal information. The platform’s security concerns persisted with the high-profile account hijacking in 2020.
Musk’s Claims vs. Reality
Musk, who acquired X in 2022, claimed to enhance security, but former staff and a lawsuit by ex-IT security chief Alan Rosa suggest the opposite. Musk reportedly ordered a cut in physical security budgets and sought to eliminate programs addressing digital vulnerabilities.
Impact on Non-Paying Users
The recent limitation on non-paying users’ ability to implement two-factor authentication raised eyebrows, especially given X’s role in disseminating critical information. Security experts emphasize the importance of robust measures to protect high-profile accounts, especially those associated with government officials.
Ongoing Investigation
As the investigation unfolds, concerns persist about X’s commitment to cybersecurity and its ability to thwart potential threats, emphasizing the need for stringent security measures in the ever-evolving landscape of social media platforms.
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Credit: Zeba Siddiqui and Raphael