Markets
markets

Companies are still facing ransom demands from Oracle’s business software data breach, the WSJ reports

A hack that stole sensitive data in Oracle’s business software — which may have started as early as last July, but wasn’t disclosed by the company until October — is still generating ransom demands, per reporting by The Wall Street Journal.

The number of affected organizations seems to be rising, with executives at Harvard University, Canon USA, Mazda, American Airlines unit Envoy Air, and Logitech all receiving emails demanding millions in exchange for the release of data in recent months.

An online extortion group known as Cl0p had been identified as the source of the breach on Oracle’s E-Business Suite, with the hackers reportedly leveraging a security flaw that did not need any fake or stolen sign-in credentials, and leaving responsible teams “zero-days” to fix the vulnerability. By the time Oracle issued software patches in October to prevent further attacks, more than 100 companies were estimated to be affected by the data breach, per the WSJ.

The number of affected organizations seems to be rising, with executives at Harvard University, Canon USA, Mazda, American Airlines unit Envoy Air, and Logitech all receiving emails demanding millions in exchange for the release of data in recent months.

An online extortion group known as Cl0p had been identified as the source of the breach on Oracle’s E-Business Suite, with the hackers reportedly leveraging a security flaw that did not need any fake or stolen sign-in credentials, and leaving responsible teams “zero-days” to fix the vulnerability. By the time Oracle issued software patches in October to prevent further attacks, more than 100 companies were estimated to be affected by the data breach, per the WSJ.

More Markets

See all Markets
markets

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.