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HomeTechnologyOkta, a Software Firm, Shares Plummet After Cyber Breach

Okta, a Software Firm, Shares Plummet After Cyber Breach

Okta, a software company specializing in identity services, disclosed a security breach in its customer support system. The breach occurred when hackers gained access to the system using stolen credentials, allowing them to view files uploaded by certain clients. The company’s Chief Security Officer, David Bradbury, confirmed the incident but did not provide details on the affected customers or the compromised data. It is important to note that the breach only impacted Okta’s support case management system, and its production Okta service, which provides single sign-on and multi-factor authentication services, remained fully operational.

Following the breach, Okta’s shares dropped approximately 12%. The San Francisco-based company is known for its identity services, which are widely utilized by customers including Microsoft-backed OpenAI. Although the security incident raised concerns, it is crucial to highlight that the breach did not affect Okta’s main service providing identity and authentication solutions. The company has not disclosed any further information on the breach, but it will be important to monitor any potential impacts on affected customers and the additional security measures Okta may implement in response to the incident.

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