Stock in Okta plummets after security firm claims hacking

On Friday, Okta, a well-known supplier of security technology to companies, governments, and other institutions, revealed that one of its customer support systems had been hacked.

According to Okta Chief Security Officer David Bradbury's disclosure in a securities filing, the hacker accessed the company's support case management system and viewed files uploaded by certain customers using credentials that he had stolen. According to Okta, the system is independent of its primary client platform, which remained unhacked.

Okta secures computer system access for some of the largest corporations in the world, such as FedEx, Hewlett Packard, and T-Mobile.

After learning of the hack, Okta's stock dropped early by 12% to $75.57.

All of Okta's customers who were impacted by the cyberattack have reportedly been informed. Additionally, the business made available internet protocol and other data to assist clients in determining whether or not the hack affected their systems.

Since more businesses are utilizing internet cloud services to store data, ransomware attacks and other forms of cybercrime targeting businesses have increased.