Decoration
Decoration
15.01.2024
2 min

Hack into SECSs X Account is another lesson in Cybersecurity 101! 

Big cybersecurity lesson alert! 

The SEC recently faced a major breach on its social media account, X, causing chaos in the crypto world. What happened? An unknown intruder hacked in, spreading false news about Bitcoin exchange-traded funds approval, leading to a 2.5% spike in prices! This incident is a big reminder of the need for that extra layer to your cybersecurity plan. 

The surprising part? The SEC’s cybersecurity was lacking, with Elon Musk’s platform revealing the absence of two-factor authentication (2FA). No 2FA meant the hacker only needed basic credentials for the attack. 

Some argue 2FA is a hassle, especially for shared social media accounts, but this incident proves its necessity. The SEC could have prevented the breach by activating 2FA, involving a verification code from a text or an authenticator app. 

So What Exactly Happened?

Details on the breach are not fully disclosed, but X mentioned the compromise likely occurred due to the SEC’s failure in basic cybersecurity. The hacker gained control over a phone number linked to the account “through a third party,” exploiting this vulnerability along with the lack of 2FA. 

Common hacking methods, like SIM swapping, could have been the route. X made 2FA more challenging for non-paying users, opting to charge for securing accounts with phone numbers. Now, the primary option for non-paying users is an authenticator app, generating special access codes. 

This breach occurred as the SEC tightens cybersecurity rules for public companies, demanding disclosure of major hacks within four days. It’s a clear message: cybersecurity is non-negotiable. 

Takeaway? Activate 2FA for your online accounts, make sure to keep recovery codes stored in secure location also. To put it bluntly, we immediately after hearing the news ran to check all our security systems and all our internal routines were updated to force 2FA on all critical accounts! It might feel like a extra effort, but it’s a crucial step in keeping your online presence safe. Don’t become the next headline – act now! Let us share a helpful link HERE as a bit of shortcut to learn more on how to be safe in scary digital word of ours!

Stay safe and cyber strong! 💻🔒✨