Okta loses $2B in market value after support systems breach

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Okta, a cybersecurity firm that provides identity management services has lost more than $2 billion in market value since disclosing a hack of its support systems.

Okta’s products are used by more than 18,000 customers, including major corporations like Zoom, Google, and VMware. The company provides a single login point for many different platforms, making it a critical part of cybersecurity systems for many businesses.

Okta announced that an unidentified hacking group was able to access client files through a support system. The company did not provide more details, but the news sent its stock price plunging more than 11%. The shares continued to fall, closing down 8.1%.

BeyondTrust, a privately held identity management provider, also stated that on October 2, it informed Okta’s security personnel of suspicious activities in BeyondTrust’s own Okta systems. After BeyondTrust contacted the firm, Okta did not initially acknowledge the incident as a breach.

Okta has also been at the center of other high-profile incidents in recent months, including hacks at casino giants Caesars and MGM.

The sources for this piece include an article in CNBC.

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