Earlier this week, Twitter locked down thousands of verified accounts, including the accounts of Bill Gates, Elon Musk, Apple, Uber and others, after it became clear that hackers had been able to compromise them.
Suddenly these high-profile accounts were all tweeting out identical links to a cryptocurrency scam. The proceeds from this scam came to little more than $100,000.
The attackers had control for only a brief period — but that was still significant for a system whose value lies in holding mass attention in real-time.
Social media plays an instrumental and more important role as a news source for billions of people around the world.
Here are 5 Cybersecurity Lessons to Learn from the Massive Twitter Bitcoin Hack.
1. Cybersecurity awareness is key.
It is important for users to understand that everything that appears on social media isn’t true.
2. An opportunity that claims to multiply money is always a guaranteed scam.
The hackers posted several messages with a bitcoin wallet to lure the followers that any payments they make would be doubled and sent back to them, which in actuality was a tricky crypto scam.
3. User Accounts Need More Protection.
If it can happen to verified accounts, it can happen to you too.
The social media users also need to protect their accounts by basic cybersecurity guidelines and choose strong passwords, enable two-factor authentication, and report any suspicious activity to the social media platform.
4. New security questions to address as social media users.
It is a matter of serious consideration that social media platforms undoubtedly must give paramount importance to the cybersecurity measures and monitor contents to avoid disseminating fake news, hoaxes, scams, and frauds that could have serious ramifications on users.
5. Need more stringent policies and procedures in place for the ‘new normal’.
Businesses are following work-from-anywhere or teleworking policies, they are harbouring more cybersecurity threats than ever before. The remote working environment poses a unique challenge to an organization as it does not usually have the same safeguards and preventive security controls as in the office environment, which is more restricted by stringent policies and procedures.
According to a survey by Kaspersky, 73% of employees working remotely have not yet received any cybersecurity awareness guidance or training from their employers. Therefore, it is essential for organizations to organize proper training and cybersecurity awareness sessions.
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