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Uber Stock Drops as It Investigates a Cyber Security Incident

Fridays pre-market decline in Uber stock (NYSE:UBER) was 6% after a hacker allegedly broke into the companys network. The cybersecurity issue saw the ride-sharing company drop by 4% during premarket trading.

A source with knowledge of the situation said employees of the ride-hailing firm received a Slack message from an unidentified person claiming I am a hacker. According to a security engineer, the intrusive party showed signs of gaining access to important company systems.

As it investigates the cybersecurity compromise, Uber (NYSE:UBER) has disabled internal Slack messaging and contacted law enforcement. There is no information indicating how the car fleet or business operations of Uber (NYSE:UBER) were impacted. Reuters claims that the hacker also put an explicit photograph on an internal page for staff members and emailed cybersecurity researchers images of email, cloud storage, and code repositories.

According to The New York Times, the hacker who claimed responsibility for the incident got access through social engineering. Security lapses have previously occurred at Uber (NYSE:UBER). Former Chief Security Officer, Joseph Sullivan, faces charges of conspiracy to pay $100,000 to hackers aimed at concealing a 2016 high-tech theft that resulted in the loss of the personal information of about 57 million users and drivers.

Uber Stock, Outlook, and Earnings

Uber (NYSE:UBER) reported last month that its total trips for the three months ending in June had surpassed pre-pandemic levels for the first time, contributing to an overall increase in revenues of 105% from the prior year to $8.1 billion. The San Francisco-based company reported that gross bookings for the three months ending in September might reach as much as $30 billion and was cashflow positive for the first time since its IPO in 2017. Uber stock traded at $31.50 by noon on Friday.

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Author: Jowi Kwasu
Market Jar Media Inc.
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