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UBER Stock Falls 5% on Major Cybersecurity Breach

  • Uber Technologies (UBER) is investigating a possible cybersecurity breach by a hacker.
  • Reportedly, the hacker gained access to Uber’s HackerOne account and may have breached key databases.
  • UBER stock fell in early morning trading upon the release of these developments.
UBER stock - UBER Stock Falls 5% on Major Cybersecurity Breach

Source: Proxima Studio / Shutterstock.com

It’s a somewhat troubling time for Uber Technologies (NYSE:UBER) stock. Unfortunately, the company has reported a security breach. It appears that a hacker with the Telegram handle “Tea Pot,” took control of Uber’s HackerOne account. Alarmingly, the perpetrator may have even managed to breach a number of Uber’s key administrative databases. Due to these issues, UBER stock pulled back 5% early today.

You might imagine that hackers only try to break into the computer networks of banks and governments. However, they can strike just about anywhere. As it turns out, Uber Technologies is an apparent victim of a highly disruptive cybersecurity breach.

Ironically enough, the hacker somehow commandeered Uber’s HackerOne account. HackerOne is a “firm that helps companies work with security researchers,” the Wall Street Journal reports.

What did the hacker gain access to? “Pretty much everything,” according to Yuga Labs researcher Sam Curry, who reportedly was in contact with the perpetrator. “They had access to all of HackerOne’s reports,” Curry elaborated.

What’s Happening With UBER Stock?

This, certainly, wasn’t a welcome development for UBER stock holders. Perhaps it shouldn’t be too surprising that Uber Technologies shares dropped 5% after the opening bell rang.

The Wall Street Journal’s report certainly didn’t put today’s traders in a good mood about Uber Technologies. The Journal stated that the hacker provided evidence showing “widespread access to a range of administrative accounts that manage Uber’s technology systems.”

This incident might conjure up memories of Uber’s 2016 data breach, which involved the personal information of millions of Uber riders. Shockingly, 600,000 driver’s license numbers were accessed during that data breach.

With the current “Tea Pot” incident, some UBER stock traders might wonder whether the company really has a handle on its sensitive data. Uber Technologies stated that the company is “in touch with law enforcement and will post any additional updates here as they become available.” Whether this will be enough to quell investors’ concerns, remains to be seen.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.


Article printed from InvestorPlace Media, https://investorplace.com/2022/09/uber-stock-falls-5-on-major-cybersecurity-breach/.

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