AP Twitter Hack Sparks Punishment Debate
Talk about punishing the victim! New fines could be instated against companies who get hacked online.
Social media has proven it's here to stay. When I heard about the Boston Bombings, I went to Twitter for info. It's a powerful tool. So powerful it can even influence the stock market.
Stocks took a minor 150 point nose dive when The Associated Press' Twitter account was hacked posting this tweet:
Some regulators say there should be fines against companies who fail to secure their social media accounts from hackers. Some feel that AP's tweet could be considered 'providing misleading information.'
The tweet has highlighted some structural flaws in trading. High Frequency Trading is a system of trading that uses algorithms to look through headlines for certain words on Twitter and other outlets to make split second trades.
So let me get this straight, regulators want to punish hacker victims because the stock market makes choices based on what a computer finds on Twitter? Okay then...