Okta Reports Cyber Breach; Customer Files Accessed, Resulting in 11% Stock Decline

Breach involved access to customer support system using stolen credentials; production services and major authentication systems remain secure.

Okta, a leading cybersecurity firm, reported a breach in its customer support systems. The hack, caused by stolen credentials, allowed intruders to access customer files.
Following the disclosure of the cyber breach, Okta's shares fell by 11%, indicating investors' concerns about the incident's potential to damage the company's reputation and customer trust.
The company's Chief Security Officer, David Bradbury, assured that the major production services and authentication systems were not impacted by the breach, maintaining their security and functionality.
The breach affected certain customers whose files were uploaded to Okta's support system; however, the specific customers and the nature of the compromised data have not been disclosed.
Despite the breach affecting only the customer support systems, Okta's status as a vital service for various large companies, including FedEx and Zoom, makes it a high-value target for threat actors.