Square Confirms Outage Caused by DNS Issue, Not Malicious Cyber Activity
Portfolio Pulse from Anusuya Lahiri
Block, Inc (NYSE:SQ) experienced an outage that disrupted its payment technology services, which was caused by a DNS issue, not a cyberattack. The disruption began on Thursday and affected various aspects of Block's services, including the Cash App, purchases, and the website. The issue arose from routine modifications to its internal network software, which hindered effective communication between its systems. There was no compromise of seller or buyer data.
September 11, 2023 | 3:32 pm
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Block, Inc's stock gained after it clarified that a cyberattack was not responsible for the recent outage. The disruption affected various aspects of its services, but there was no compromise of seller or buyer data.
The news clarifies that the recent outage was not due to a cyberattack, which is a positive development for the company. This clarification can reduce concerns among investors and customers, potentially leading to a short-term positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100