Recently, the New York State Department of Financial Services (NYSDFS) had launched an investigation into the twitter hack that happened in the summer. The investigation has now ended with shocking revelations on how easily a simple engineering technique can dupe twitter. This has led to widespread outbursts, and people are now pushing the social media platforms for better security and regulations. NYSDFS has reported that other companies must take cryptocurrency companies as an example of how to act swiftly to prevent hackers from scamming more people. The argument highlights that the regulations and tech innovations never go hand in hand.
A social media platform with a large user base has access to huge societal power, but there are no proper regulated responsibilities to protect the users' interest. Finally, the report concludes by stating that the lawmakers must step up and form a council, and proper regulators must be appointed to supervise and monitor the security measure used by the social platforms. The majority of US citizens are dependent on the power of social media for communication, and it is used as a means to connect to family, friends, and colleagues. Hackers have broken into the system of twitter by calling their employees posing as IT department.