Twitter hackers with ideas for hilarious stunts should get a move on

Twitter is finally on to you.

Last week I wrote about Twitter's upcoming hospitality to targeted advertising, and what this means for its users (almost definitely a dystopian nightmare). But Twitter is strangely inhospitable to advertisers in other ways - making a branded account something of a liability.

Branded accounts only have the same security as the rest of us - just the one username and password. As a result, a growing number of official accounts have fallen victim to hacking. Last week it was Burger King, which got taken over by Anonymous-affiliated hackers. It was soon branded with the Mcdonalds logo and issuing tweets like this:

We just got sold to McDonalds! Look for McDonalds in a hood near you @DFNCTSC

And then earlier this year there was the HMV clusterfuck, courtesy of some employees in the process of being fired. From the official account:

There are over 60 of us being fired at once! Mass execution, of loyal employees who love the brand. #hmvXFactorFiring,

Sorry we've been quiet for so long.Under contract, we've been unable to say a word, or – more importantly – tell the truth.

Just overheard our Marketing Director (he's staying, folks) ask 'How do I shut down Twitter?'

It's also happened, in various ways, to Jeep, NBC News, USA Today and Donald Trump, and all of those incidents were likewise funny. The thing is that official Twitter accounts are nigh on irresistible to hackers. There's something of the getting-down-with-the-kids about branded Twitter accounts, with their ulterior motivated chattiness and their thinly veiled desperation, and it's always tempting to remind them that they're still not really one of us.

So should Twitter be doing more to protect these accounts? At the moment it is running several paid options for advertisers - none of which include the option to up their security. But then why should it offer this? It would be a canny move to introduce it only later in the game, when more hacker attacks have increased the fear, and companies have accumulated more followers, raising the stakes.

The trouble is that at the moment this potential revenue is being siphoned off by third parties like Hootsuite, whose products let you manage your account a little more securely, and which get a boost everytime a company is publicly hacked. Unsurpisingly therefore, last Wednesday Twitter introduced a product facilitating ad promotion through third parties like this. It looks like the start of a move to finally get offical accounts a little safer. But is Twitter too late to the party, or too early? Either way, it's starting to twig, and potential hackers better get a move on with their hilarious stunts, before it's too late.

 
Twitter may be about to clamp down security. Photograph: Getty Images

Martha Gill writes the weekly Irrational Animals column. You can follow her on Twitter here: @Martha_Gill.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump