Ummm.
The talk about "safe-guards" above shows that nobody really understands what BGP is. BGP is used so routers know which networks are where on the internet. Inherently there is a trust relationship between routes advertising networks.
From what I understand it is simply a case of somebody misconfiguration the address range of the network advertised on BGP. That means other networks were not able to reach IS. It has nothing to do with IS's systems, or communication between IS and their clients.
And yes... it is possible for organizations to do this. But I would say it is a bigger version of assigning yourself a static IP address belonging to somebody else

They will not last long because everybody will cut them off!