On May 31, Paycom Software's Vendor, Progress Software, Disclosed A Previously Unknown Vulnerability In Its Moveit File Transfer Software, In Response To Which Paycom Promptly Deployed Cybersecurity Defenses
Portfolio Pulse from Charles Gross
Progress Software, a vendor for Paycom Software, disclosed a previously unknown vulnerability in its Moveit file transfer software. Paycom promptly responded by deploying cybersecurity defenses. There is no indication that Paycom's HR and Payroll software application was impacted.
July 20, 2023 | 9:40 pm
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NEGATIVE IMPACT
Progress Software, a vendor for Paycom Software, disclosed a previously unknown vulnerability in its Moveit file transfer software.
The disclosure of a previously unknown vulnerability in Progress Software's Moveit file transfer software could negatively impact investor confidence, potentially leading to a short-term decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
Paycom Software promptly deployed cybersecurity defenses in response to a vulnerability disclosure by its vendor, Progress Software. No impact on Paycom's HR and Payroll software has been reported.
Paycom Software's prompt response to the vulnerability disclosure by deploying cybersecurity defenses demonstrates its commitment to security. However, as there is no reported impact on its HR and Payroll software, the short-term impact on its stock price is likely to be neutral.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100