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CFTC Admits We Need Tougher Cybersecurity Rules

May 03, 2013

Twitter has been a hot topic of the latest hackivism activities in the US. Most recent attacks affected CBS News accounts and the Associated Press. A fake tweet from the AP, claimed an explosion at the White House resulting in a financial snowball effect that lead the Dow Jones to a plunge in seconds. Dropping more than 100 points caused havoc.

The attacks grabbed the attention of Commodity Futures Trading Commission members, CFTC, who suggested they need to ramp up tougher cybersecurity rules for financial institutions, investment firms and others that trade. These new rules may hold firms accountable and sanctioned if their security systems are not updated properly in order to protect its consumers. Certainly this is a major step towards the cybersecurity future in the financial market, however, they have yet to figure out how to deal with social media.

Twitter confirmed that the method of hacks used were “spear phishing attacks that target your corporate email.” These e-mails are send directly to the account holder which appear legitimate and fool the user.

A group who claimed responsibility for the attacks calls themselves the Syrian Electronic Army.






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