Okta hack wipes out more than $2 billion in market cap

  • Okta shares continued their decline on Monday, closing more than 8% after the company revealed that an anonymous hacking group had accessed customer files through its support system.
  • More than $2 billion in market value has been wiped out since the company admitted to the hack on Friday.
  • Okta offers identity management solutions and has been a high-profile target of hackers who have compromised Okta customers in a series of physical breaches.

Okta Inc.’s website was created. On a laptop in Dobbs Ferry, New York, US, on Sunday, February 28, 2021.

Tiffany Hagler Gerd | Bloomberg | Getty Images

Okta has lost more than $2 billion in market value since the company revealed that its support systems were hacked on Friday. The high-profile incident is the latest in a series of incidents that have been linked to Okta or its products, including a series of break-ins at casinos that paralyzed Las Vegas hotel rooms for days.

Okta shares fell more than 11% on Friday after the company He said An anonymous hacking group gained access to the client’s files through the support system. The company did not provide further details beyond the set of technical identifiers.

The company’s stock continued to decline during Monday’s trading, eventually closing with a decline of 8.1%.

Okta is a lesser-known name but is an important part of cybersecurity systems in major companies. The identity management company boasts more than 18,000 customers who use its products to provide a single point of login for the many different platforms used by a given company. enlarge, For exampleuses Okta to give “seamless” single-sign-on access to the company’s Google Workspace, ServiceNow, VMWare, and Workday platforms.

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Okta said it had reached out to all affected customers in Friday’s announcement. At least one of those customers said he alerted Okta about the potential hack weeks ago.

in Separate function Private identity management company BeyondTrust said on Friday that it reported suspicious activity in BeyondTrust’s Okta systems to Okta’s security teams on October 2. Okta did not initially acknowledge the incident as a breach after BeyondTrust alerted the company, despite what BeyondTrust described. As concerns that “there was a high probability of a compromise being reached within Okta Support and that we were likely not the only customer affected.”

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Okta has been involved since the day it first admitted to breaching its support system.

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