The State Department of Financial Services (DFS) of New York has asked for regulating the social media giants after finding the cyber security protections at Twitter woefully inadequate.
Andrew Cuomo, Governor of New York, asked the DFS to investigate Twitter following the hack on July 15, 2020, into the Twitter accounts of multiple cryptocurrency firms and other well-known public figures.
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A recent report claimed that the global social media platform completely lacked adequate cybersecurity protections and, during the attack, did not even have a designated CISO.
The department confirmed that the threat actors gained access to Twitter’s systems simply by calling out Twitter employees and claiming to represent Twitter’s IT department, asking for victims’ login credentials.