Cyberattacks Stall Car Dealerships: Dealers React To 'Inexcusable' Outages With No End In Sight
Portfolio Pulse from Hayden Buckfire
Cyberattacks have disrupted services for approximately 15,000 car dealerships using CDK Global's platform, causing significant operational challenges. The outages are expected to last several days, impacting dealership profits during the busy summer season. Similar cyberattacks have affected companies like AMD and Snowflake. Cybersecurity ETFs such as HACK and CIBR have posted losses recently.
June 21, 2024 | 4:43 pm
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NEUTRAL IMPACT
AMD reported a data breach but clarified that it had no material impact on its business.
Although AMD experienced a data breach, the company stated it had no material impact on its business, suggesting a neutral short-term effect on its stock price.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The First Trust NASDAQ Cybersecurity ETF (CIBR) has also posted losses in the past month due to rising cyberattacks.
Similar to HACK, the CIBR ETF has been negatively impacted by the increase in cyberattacks, likely leading to further short-term declines.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The Amplify Cybersecurity ETF (HACK) has posted losses in the past month amid increasing cyberattacks.
The increase in cyberattacks and the resulting losses in the cybersecurity sector have negatively impacted the HACK ETF, likely leading to further short-term declines.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Snowflake acknowledged unauthorized access to clients' accounts, affecting customers like Ticketmaster and Santander Bank.
The unauthorized access to client accounts could negatively impact Snowflake's reputation and customer trust, likely leading to a short-term decline in its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70