Twitter Shares Fall After Hacking Concerns

Twitter Inc. shares fell on Monday following an announcement from the company stating it was investigating suspicious traffic that may be due to hackers. Twitter warned of a new hack attempt that might have happened under the direction of another country.

The possible state-sponsored attack occurred on November 15 and was fixed following day. The attack was conducted on Twitter’s customer support form API, where users can ask the social media company for help regarding their accounts.

According to Twitter’s announcement, the company noticed large amounts of traffic to the customer support site coming from individual internet IP addresses in China and Saudi Arabia.Twitter discovered the attack while investigating a security bug that exposed data, including users’ phone country codes and details on locked accounts.

Twitter has already reached out to account holders whose information was compromised. All hackers were about to access was the account holder’s country code. No phone numbers or other personal data was exposed. Affected accounts do not have to take any additional measures.

The announcement from the social media company caused its shares to drop almost seven percent. Twitter has faced similar backlash in the past for failing to stop Russian interference in the 2016 presidential elections when fake Russian accounts caused more than 300 million engagements during the course of two years.

Locations are easily faked in cyberspace so it is not possible to conclude whether or not governments were involved. China has denied being involved in the cyber attack and Saudi Arabia has not responded to the accusations.

These days, every business is at risk of getting hacked. A hacker can access a company’s data at any time. Cyber liability insurance protects a business from the financial damages that may result from a data breech. Policy premiums depend on the services offered by a business and the sensitive data may be available for hackers.

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