Cybersecurity firm Okta said Friday an unidentified hacking group had accessed files which "certain Okta customers" had uploaded to its support system. Okta stock tumbled on the news, which marked the company's third security incident in 18 months.
Okta said the hackers were able to break into the system via stolen credentials. The cybersecurity firm said its services are fully operational.
On the stock market today, Okta stock plunged 11.6% to 75.57. With Friday's loss, Okta stock has gained 13% in 2023.
Okta Stock: Earlier Incidents
In March 2022, a hacking group called "Lapsus$" announced it gained access to Okta systems. The group posted online screenshots taken from a computer used by one of Okta's third-party customer support engineers.
In December 2022, Okta announced a security incident in which source code repositories stored on GitHub, owned by Microsoft, were exposed to an undisclosed attacker. No customer data was exposed, however.
San Francisco-based Okta specializes in identity verification with software that monitors and manages privileged accounts. Also, hackers often target employees or management with administrative access to company computer systems.
Meanwhile, Okta stock has an IBD Relative Strength Rating of 95 out of a best-possible 99, according to IBD Stock Checkup. Further, its Composite Rating is 97 out of 99.
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