Snowflake Stock Is Falling Monday: What's Going On?
Portfolio Pulse from Adam Eckert
Snowflake Inc (NYSE:SNOW) shares are falling due to a blog post by Alphabet Inc's (NASDAQ:GOOG) cybersecurity subsidiary Mandiant, which revealed a cyber attack targeting Snowflake customer database instances. The attack, attributed to threat actor UNC5537, involves data theft and extortion using compromised customer credentials. Mandiant and Snowflake are investigating and coordinating with law enforcement.
June 10, 2024 | 4:43 pm
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NEGATIVE IMPACT
Snowflake shares are down 2.2% following a Mandiant blog post revealing a cyber attack targeting Snowflake customer databases. The attack involves data theft and extortion using compromised customer credentials.
The news of a cyber attack targeting Snowflake's customer databases is likely to negatively impact investor sentiment and lead to a short-term decline in the stock price. The attack involves data theft and extortion, which raises concerns about security and customer trust.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Alphabet's cybersecurity subsidiary Mandiant revealed a cyber attack targeting Snowflake customer databases. The attack involves data theft and extortion using compromised customer credentials.
Mandiant's role in identifying and investigating the cyber attack may enhance its reputation as a leading cybersecurity firm, potentially leading to a positive impact on Alphabet's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50