Cybersecurity is a fundamental aim for the stock exchange authorities of European countries. These ones underlined this after the hacker attack at the beginning of January against the social accounts of the Securities and Exchange Commission (SEC), the US regulatory body that monitors the American stock exchange. The criminals had used "X" (former Twitter) to make people believe that investments in Bitcoin had been approved, causing the price of the cryptocurrency to increase.

"The presence on social networks widens the attack surface. With this, the problems increase. Also because, normally, security in these cases is not managed exclusively by the authority", even if "there are, given the importance of the subjects who open the account, specific contracts and particular attention" delegated to external companies, explains Stefano Zanero, professor of Cyber security technologies, procedures and policies at the Polytechnic of Milan.

It is "a context in which realities such as authorities must, moreover, pay the same attention as us mere mortals. In the case of Sec, for example, two-factor authentication, which can be achieved by a normal user of 'X', apparently does not had been activated. On closer inspection, a specific regime for the cybersecurity of accounts whose violation could give rise to systemic effects would be desirable", concludes Zanero.

In short, presence on social media offers a greater attack surface to cybercriminals. The National Commission for Companies and the Stock Exchange (Consob), in line with the recent indications of Esma (European Securities and Markets Authority), faced with a general increase in cyber attacks in the financial sector, has placed particular attention on cybersecurity. After the SEC case, all European countries took action.

Some propose more drastic strategies: "It is desirable, for example in the event that there is an ongoing dispute, a progressive and gradual exit of the authorities from the channels in question", argues Oreste Pollicino, professor of Media law at the University " Bocconi". On the same lines, Andrea Conso, jurist expert in financial technology: "The oligopoly of social networks raises the issue of the neutrality of the platform towards specific authorities" as a question "of opportunity and ethics".

On the topic, see also the article published by AVIONEWS.