Your gateway to insightful market trends, prudent personal finance advice, and the pulse of global economy.

USA Finance Digest is your one-stop destination for the latest financial news and insights

Your gateway to insightful market trends, prudent personal finance advice, and the pulse of global economy.

Okta’s Stock Takes a Dip Following Disclosure of Security Breach

Okta, a major provider of security technology for businesses, government agencies and other organizations, said Friday that one of its customer service tools had been hacked.

The hacker used stolen credentials to access the company’s support case management system and view files uploaded by some customers, Okta Chief Security Officer David Bradbury disclosed in a securities filing. Okta said that system is separate from its main client platform, which was not penetrated.

Some of the world’s biggest companies, including FedEx, Hewlett Packard and T-Mobile, use Okta to secure access to the computer systems (Paramount, which owns CBS News, is also an Okta customer.)

Okta shares slid on news of the intrusion, falling early 12% to $75.57.

“Attacks such as this highlight the importance of remaining vigilant and being on the lookout for suspicious activity,” Bradbury said. 

Global hacking network taken down, Justice Department says


Okta said it has notified all customers that were affected by the cyberattack. The company also released internet protocol and other information aimed at helping customers detect if their systems were compromised in the hack. 

The cost of a typical data breach in the U.S. reached nearly $4.5 million this year, a record high, according to IBM. That’s up more than 15% from $3.9 million in 2020. 

Ransomware attacks and other types of cybercrime targeting companies has surged in recent years because of the number of companies using internet cloud services to store data.

Share this article
Shareable URL
Prev Post

The Hidden Costs of Resort Fees: What You Need to Know

Next Post

Score a Great Deal on Crocs: Footwear Brand With Low Price-to-Earnings Ratio

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next
The fur is flying in a legal dispute between two rival toymakers. Kelly Toys, the Berkshire Hathaway-owned…
A typo on Cartier’s website that incorrectly priced a pair of gold-and-diamond earrings ended up being a…
An original print edition of the comic book that introduced Superman sold at auction this week for a…
Nearly 160,000 Americans could be eligible for a refund if misled by the nation’s biggest LASIK chain,…