How Companies Are Preventing Another Twitter Hack

How Companies Are Preventing Another Twitter Hack

The Twitter hack has caused a lot of news lately, as criminals stole around 200k in bitcoin by posting a scam through prominent celebrity, business, and political accounts. Both former President Barack Obama and Elon Musk were on the list of attacked accounts.

Physical money needs a lot of time and effort to make any true systemic change. But a benefit of digital currency is an easier implementation of security measures. Thus, work is already being done to help prevent this from happening again.

Similar to a system used by banks for suspicious transactions, multiple analytics software firms have released software that can help flag transactions that may be fraudulent.

The system works by checking transactions that carry with them a higher chance of unsavory activity. Such as if it comes from a country that has sanctions regarding cryptocurrency or has risk-likely activity on the chain.

By the time you are reading this, Chainalysis, Elliptic, and CipherTrace all have a version of this available. Both because of the high-profile of the attack and the amount stolen, we can likely expect to see a rise in similar countermeasures from other companies soon. Overall, this seems like another log to the fire that is the scrutiny of general cybersecurity in our modern world.

By |2020-07-22T05:44:28-05:00July 22nd, 2020|DFN COLUMNIST|Comments Off on How Companies Are Preventing Another Twitter Hack

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