financetom
Business
financetom
/
Business
/
Why Fortinet (FTNT) Stock Is Falling
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Why Fortinet (FTNT) Stock Is Falling
Sep 13, 2024 1:18 PM

Fortinet Inc ( FTNT ) shares are trading lower by 2.91% to $74.42 Thursday afternoon after the company reportedly confirmed a data breach.

What Happened: According to BleepingComputer, Fortinet ( FTNT ) confirmed a data breach after a threat actor claimed to have stolen 440GB of files from the company's Microsoft SharePoint server. The attacker, Fortib—-, posted on a hacking forum and shared credentials to a S3 bucket allegedly containing the stolen data.

The company refused to pay the hacker’s ransom. Fortinet ( FTNT ) told BleepingComputer that the breach affected a “limited number” of files on a third-party cloud drive and notified the small group of customers affected.

Read Also: Stocks Edge Up As Producer Inflation Supports Rate Cut Bets, Small Caps, Miners Rally: What’s Driving Markets Thursday?

Why This Matters: The hack may have customers concerned about the safety and reliability of Fortinet’s services, even though the breach impacted a small group.

Data breaches may lead to regulatory scrutiny, potential fines and costly legal battles.

EXCLUSIVE: AI To ‘Turbocharge’ Alibaba’s Cloud In Bid To Rival Microsoft, Amazon, Says Strategist

How To Buy FTNT Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Fortinet’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
--Street Color: Meta Platforms Plans to Roll Out Mixed Reality Glasses Named 'Puffin', The Information Says
--Street Color: Meta Platforms Plans to Roll Out Mixed Reality Glasses Named 'Puffin', The Information Says
Aug 30, 2024
01:58 PM EDT, 08/28/2024 (MT Newswires) -- Price: 514.60, Change: -4.50, Percent Change: -0.87 ...
Automaker Ford to modify diversity policy, internal memo says
Automaker Ford to modify diversity policy, internal memo says
Aug 30, 2024
Aug 28 (Reuters) - Automaker Ford Motor said on Wednesday it will change its diversity, equity and inclusion program, including ending participation in an LGBTQ advocacy group's ranking system, joining several U.S. companies that have redefined those programs amid pressure from conservative groups. We are mindful that our employees and customers hold a wide range of beliefs, and the external...
Sector Update: Consumer
Sector Update: Consumer
Aug 30, 2024
01:32 PM EDT, 08/28/2024 (MT Newswires) -- Consumer stocks were retreating Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1%. In corporate news, J.M. Smucker (SJM) lowered its fiscal 2025 guidance amid a slowdown in the convenience channel, while the food producer unexpectedly advanced Q1...
Update: United Airlines Flight Attendants Vote to Authorize Strike
Update: United Airlines Flight Attendants Vote to Authorize Strike
Aug 30, 2024
01:49 PM EDT, 08/28/2024 (MT Newswires) -- (Updates with United comment in the third paragraph.) United Airlines' (UAL) flight attendants voted to authorize a strike should management fail to agree to significant improvements, the Association of Flight Attendants-CWA said Wednesday. United flight attendants are seeking a double-digit base pay increase, pay for time at work on the ground, retroactive pay,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved