Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Australia’s Under-16 Social Media Ban Sparks Global Debate and Early Challenges 
FAA Unveils Flight Plan 2026 to Strengthen Aviation Safety and Workforce Development 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Okta Inc. suffered a new data breach last week and as a result, its stock price fell on Monday, Oct. 23. Now, with the incident, business analysts are pondering the possible negative effects on the company's stock and its sales pipeline.
As per Investor's Business Daily, Okta admitted on Friday that its files were breached by a hacking group that it has yet to identify. The compromised data were said to belong to "certain Okta customers" who uploaded files to its support system.
How the Hacking Happened and Analysts' Views
The IT service management company that provides cloud software that helps clients manage and secure user authentication into applications said the online thieves were able to break into Okta's system through stolen credentials. But despite the breach, the California-headquartered firm assured that its services are still fully operational.
Then again, after the hacking incident, some analysts are very concerned now because Okta did not even know about the breach until it was notified. As there are a lot of worries due to hacking and the fact that this is not the first time this happened, its stock price reportedly dipped by 8.1% to close at 69.42. Last Friday, the price dropped 11.5%.
"We now have concerns this could have a negative impact on the quarter and the pipeline," Andrew Nowinski, an analyst at Wells Fargo, commented. "We are most concerned with the fact that Okta was unaware of the breach and did not have the internal capabilities to detect this behavior. They were notified of the potential breach by a customer, Beyond Trust, and still took approximately two weeks to make a public disclosure."
Cyber Attack Resulted in Over $2 Billion Loss in Market Cap
CNBC reported that Okta lost more than $2 billion from its market valuation since the disclosure of the cyber attack. Aside from the technical aspect of the incident, the firm did not provide other details
Finally, the hacking is the latest incident that has been linked to Okta or its tech products. In March, it was targeted by a hacking group and a good number of Okta systems were allegedly breached.
Photo by: Okta Press Room
