DFS Calls for Regulation of Social Media Giants

guest · Oct 14, 2020

DFS Calls for Regulation of Social Media Giants
October 14, 2020
https://www.infosecurity-magazine.com/news/dfs-calls-for-regulation-of-social/

The New York State Department of Financial Services (DFS) has called for the regulation of social media giants after finding the cybersecurity protections at Twitter woefully inadequate.

A report on that investigation, released today, found that the global social media platform lacked adequate cybersecurity protections and, at the time of the attack, did not have a chief information security officer in place.
The department found that threat actors gained access to Twitter's systems simply "by calling Twitter employees and claiming to be from Twitter’s IT department," then asking for victims' login credentials.
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The report recommended that a new cybersecurity regulatory framework be created for giant social media companies. Currently, the cybersecurity policies and programs of such companies are not overseen by a dedicated federal or state regulator that would ensure that their cybersecurity policies and programs adequately address the risks of their digital operating models.

Superintendent of Financial Services Linda Lacewell said that companies like Facebook, Twitter, and Instagram had been allowed to regulate themselves for long enough.

“Social media platforms have quickly become the leading source of news and information, yet no regulator has adequate oversight of their cybersecurity,” she said.
“The fact that Twitter was vulnerable to an unsophisticated attack shows that self-regulation is not the answer.”
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Department of Financial Services Calls for Regulation of Social Media Giants After Twitter Hack Investigation

The report recommends that the largest social media companies, whose platforms reach millions of people around the world, should be designated as systemically important institutions with prudent regulation to manage heightened cybersecurity risk.
The pace of innovation accelerates every day, and government must keep up to protect consumers and safeguard markets and institutions.

These recommendations are critical to ensuring that the cybersecurity of global social media companies has oversight as they grow more systemically significant, and that they establish strong cybersecurity measures to secure their users’ accounts [...]
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