A breach in Twitter’s security that allowed hackers to break into the accounts of leaders and technology moguls is one of the worst attacks in recent years and may shake trust in a platform politicians and CEOs use to communicate with the public, experts said Thursday.
The ruse discovered Wednesday included bogus tweets from Barack Obama, Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk. Celebrities Kanye West and his wife, Kim Kardashian West, were also hacked.
Employees targeted
Hackers used social engineering to target some of Twitter’s employees and then gained access to the high-profile accounts. The attackers sent out tweets from the accounts of the public figures, offering to send $2,000 for every $1,000 sent to an anonymous Bitcoin address.
Cybersecurity experts say such a breach could have dire consequences since the attackers were tweeting from verified, globally influential accounts with millions of followers.
“If you receive a tweet from a verified account, belonging to a well-known and therefore trusted person, you can no longer assume it’s really from them,” said Michael Gazeley, managing director of cybersecurity firm Network Box.
Reacting to the breach, Twitter swiftly deleted the tweets and locked down the accounts to investigate. In the process, it prevented verified users from sending out tweets for several hours.
The company said Thursday it has taken “significant steps to limit access to internal systems and tools.”
Internally, we’ve taken significant steps to limit access to internal systems and tools while our investigation is ongoing. More updates to come as our investigation continues.
Many celebrities, politicians and business leaders often use Twitter as a public platform to make statements. U.S. President Donald Trump, for example, regularly uses Twitter to post about national and geopolitical matters, and his account is closely followed by media, analysts and governments around the world.
Twitter faces an uphill battle in regaining people’s confidence, Gazeley said. For a start, it needs to figure out how exactly the accounts were hacked and show the vulnerabilities have been fixed, he said.
“If key employees at Twitter were tricked, that’s actually a serious cybersecurity problem in itself,” he said. “How can one of the world’s most used social media platforms have such weak security, from a human perspective?”
Serious consequences
Rachel Tobac, CEO of Socialproof Security, said that the breach appeared to be largely financially motivated. But such an attack could cause more serious consequences.
“Can you imagine if they had taken over a world leader’s account, and tweeted out a threat of violence to another country’s leader?” asked Tobac, a social engineering hacker who specializes in providing training for companies to protect themselves from such breaches.
Social engineering attacks typically target human weaknesses to exploit networks and online platforms. Companies can guard themselves against such attacks by beefing up multi-factor authentication — where users have to present multiple pieces of evidence as authentication before being allowed to log into a system, Tobac said.
Such a process could include having a physical token that an employee must have with them, on top of a password, before they can log into a corporate or other private system. Other methods include installing technical tools to monitor for suspicious insider activities and reducing the number of people who have access to an administrative panel, Tobac said.
Call for co-operation
U.S. Senator Josh Hawley called on Twitter to co-operate with authorities including the Department of Justice and the FBI to secure the site.
“I am concerned that this event may represent not merely a co-ordinated set of separate hacking incidents but rather a successful attack on the security of Twitter itself,” he said.
He added that millions of users relied on Twitter not just to send tweets but also communicate privately via direct messaging.
“A successful attack on your system’s servers represents a threat to all of your users’ privacy and data security,” said Hawley.
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
