AP hack proves Twitter has a serious cybersecurity problem

By artappraiser on Tue, 04/23/2013 - 4:12pm |

By Julianne Pepitone, CNNMoneyTech, April 23, 2013

If Twitter needed any more evidence that it has a serious security problem, this should do it: Stocks plunged sharply on Tuesday after a hacker accessed a newswire's account and tweeted about a false White House emergency.

The shocking tweet came from the Associated Press earlier this afternoon: "Two Explosions in the White House and Barack Obama is injured." The AP's communications team quickly tweeted from its own account that the main AP Twitter was compromised, but investors had already panicked. The Dow Jones industrial average (INDU) immediately plunged by more than 140 points.

And there it is: After years of hacks that typically involved little more than obscene language, Twitter's subpar security measures have now caused serious real-world consequences.[....]

URL:

http://money.cnn.com/2013/04/23/technology/security/ap-twitter-hacked/

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Here's hoping it was short selling hedgebots that drove the Dow down cause it went right back up for a wickedly tight short squeeze.

by EmmaZahn on Tue, 04/23/2013 - 5:27pm

So could this have been a how to manipulate hedgebots for profit without leaving too long of a window for others ?

by artappraiser on Tue, 04/23/2013 - 5:41pm

First a disclaimer: program trading was in its infancy when I left the business so most of what I know about them is what I have read in trade journals, a poor substitute for real time experience.

My guess would be that there were some panic sales and, yes, some operators who shorted hoping to make a quick profit but then the bots with all their if-then commands took over and continued the runs both up and down.

FWIW, I would not be at all surprised to see all or most of the trades erased by the exchanges. Doesn't happen often but it has happened.

Here is an intelligible (aka plain english) explanation of the last flash crash (from a completely different cause), if you are interested.

The problem with high frequency trading | Felix Salmon

I am sure he will have something to say about today soon.

by EmmaZahn on Tue, 04/23/2013 - 6:23pm

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