Breach, Security awareness, Leadership
Shareholders are suing Twitter following a whistleblower complaint and public testimony from former chief information security officer Peiter “Mudge” Zatko, claiming the company deceived investors in public disclosures about the state of their security.
The lawsuit, filed Sept. 13, the same day Zatko testified about the security problems in front of the Senate Judiciary Committee, names Twitter along with former chief executive officer Jack Dorsey, current CEO Parag Agrawal and chief financial officer Ned Segal as defendants.
According to the complaint, the shareholders argue that Twitter knew its security practices were deficient, putting user and advertiser information at risk and cite filings to the Securities and Exchange Commission between 2020 and 2022 that note “security incidents … may expose us to a risk of loss of this information, litigation, increased security costs and potential liability.”
Such a breach — whether actual or perceived — could have a negative impact on the market’s perception of the company’s security posture, harm users and advertisers and decrease trust in the overall product.
“Twitter knew about security concerns on their platform; Twitter actively worked to hide the security concerns from the board, the investing public, and regulators; contrary to representations in SEC filings, Twitter did not take steps to improve security; Twitter’s active refusal to address security issues increased the risk of...
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