Tag Archive for: über

With Uber Hack In Rearview Mirror, Analyst Goes Bullish on Cybersecurity Stocks: Here Are Her Favorites

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Tech stocks have taken a beating so far in 2022, but one Wall Street analyst sees buying opportunities among the carnage in cybersecurity stocks.

The Analyst: MKM Partners analyst Catharine Trebnick initiated coverage of five prominent cybersecurity stocks Friday:

  • Fortinet Inc (NASDAQ:FTNT) initiated at Buy with a $70 price target.
  • Palo Alto Networks Inc (NASDAQ:PANW) initiated at Buy with a $250 target.
  • Zscaler Inc (NASDAQ:ZS) initiated at Buy with a $225 target.
  • Cyberark Software Ltd (NASDAQ:CYBR) initiated at Buy with a $190 target.
  • Crowdstrike Holdings Inc (NASDAQ:CRWD) initiated at Buy with a $240 target.

Related Link: How ‘Zero Trust’ Will Improve Cybersecurity And Transform IT According To Ascent Solutions

The Takeaways: In the initiation notes, Trebnick said favorable trends in the cybersecurity market are strong enough to create a number of different winners in a difficult macroeconomic environment.

Trebnick said there are several reasons to like Fortinet, including its broad portfolio of products, its exposure to cloud security and its opportunities for convergence and consolidation to drive 20% revenue growth in 2022 and beyond. She said the company has a path to grow billings to $19 billion and revenue to $8 billion in 2025.

Trebnick said Network Security, Prisma Cloud and Security Operations are Palo Alto’s three growth pillars. She also said Palo Alto’s next-generation security segment would be one of the fastest growing cybersecurity businesses in the world if it were a standalone company.

Related Link: How to Win At Cybersecurity And Build A Culture Of Information Security: Become “Sneaker” CISO

Trebnick said Zscaler has an attractive long-term growth opportunity given roughly half of U.S. businesses do not have a cybersecurity risk plan. She said upselling from Zscaler’s leading products Zscaler Internet Access (ZIA) and Zscaler Private Access (ZPA) have the potential to grow annual recurring revenue (ARR) to six times current levels.

Trebnick said CyberArk is also on the path to $1 billion in ARR by 2025 given how well it has executed its shift to a subscription model. She said cybersecurity stocks that generate a higher percentage…

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Uber investigating hack on its computer systems

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Uber’s computer network has been hacked. The ride-hailing company said it was investigating after several internal communications and engineering systems had been compromised. The New York Times first …

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Uber Investigating Breach of Its Computer Systems

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Uber’s computer network was breached on Thursday, leading the company to take several of its internal communications and engineering systems offline as it investigated the extent of the hack.

Employees were instructed not to use the company’s internal messaging service, Slack, and found that other internal systems were inaccessible, said two employees, who were not authorized to speak publicly.

An Uber spokesman said the company was investigating the breach and contacting law enforcement officials.

Shortly before the Slack system was taken offline on Thursday afternoon, Uber employees received a message that read: “I announce I am a hacker and Uber has suffered a data breach.” The message went on to list several internal databases that the hacker claimed had been compromised.

The hacker compromised a worker’s Slack account and used it to send the message, the Uber spokesman said. It appeared that the hacker was later able to gain access to other internal systems, posting an explicit photo on an internal information page for employees.

It was not the first time that a hacker has stolen data from Uber. In 2016, hackers stole information from 57 million driver and rider accounts, then approached Uber and demanded $100,000 to delete their copy of the data. Uber arranged the payment, but kept the breach a secret for more than a year.

Joe Sullivan, who was Uber’s top security executive at the time, was fired for his role in the company’s response to the hack. Mr. Sullivan was charged with obstructing justice for failing to disclose the breach to regulators and is currently on trial.

Lawyers for Mr. Sullivan have argued that other employees were responsible for regulatory disclosures and said the company had scapegoated Mr. Sullivan.

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Former Uber chief security officer to face wire fraud charges over coverup of 2016 hack

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A U.S. District Court judge has ruled that former Uber Technologies Inc. Chief Security Officer Joe Sullivan must face wire fraud charges over allegations that he covered up a security breach involving the theft of 57 million passenger and driver records.

Sullivan (pictured) was initially charged in August 2020 with obstruction of justice and “misprision” or concealment of a felony by the U.S. Attorney’s Office in the Northern District of California. The Department of Justice added three additional changers against Sullivan in December, claiming that he arranged to pay money to two hackers to conceal the hacking.

Reuters reported Tuesday that lawyers for Sullivan argued prosecutors did not adequately allege he concealed the hacking to ensure that Uber drivers would not flee and would continue paying service fees. Judge William Orrick also rejected a claim that Sullivan was only attempting to deceive Uber’s then-Chief Executive Officer Travis Kalanick and Uber’s general counsel, not drivers.

“Those purported misrepresentations, though not made directly to Uber drivers, were part of a larger scheme to defraud them,” Orrick wrote.

The theft of the 57 million records took place in 2016 and came after Sullivan had assisted the Federal Trade Commission concerning Uber’s security practices following an earlier breach in 2014. Sullivan was made aware of the 2016 hack 10 days after providing testimony to the FTC but allegedly took steps to hide the details.

It is alleged that Sullivan paid the hackers by funneling the payoff through Uber’s bug bounty program. Sullivan also sought to have the hackers sign nondisclosure agreements that included a false representation that the hackers did not take or store any data. It was also alleged that Kalanick was aware of Sullivan’s actions.

The details of the hack only came to light when current CEO Dara Khosrowshahi took over the reins at Uber, but even then, Sullivan allegedly deceived the new management team by failing to provide them with critical details.

Uber paid $148 million in September 2018 to settle various investigations into the hack and it failed to disclose it at the time it happened. The two hackers were…

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