Why Okta Stock Keeps Dropping
Shares of cloud-based cybersecurity company Okta (NASDAQ: OKTA) tumbled 2.5% in Thursday afternoon trading (3:25 p.m. EDT) as the news about the company's hack, that first emerged on Tuesday, got even worse today.
As you'll recall, the basic story goes something like this: Sometime back in January, bad actors from the Lapsus ransomware group (aka Lapsus$) -- believed to be based in Brazil or some other Latin American country -- was able to compromise the account of a third-party, customer-support engineer. At the time, Reuters reported that "the scope of the hack is unknown," but Okta reassured customers that "there is no evidence of ongoing malicious activity beyond the activity detected in January."
Image source: Getty Images.
Source Fool.com
