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The statement by the Okta that there has been minimal material financial impact to the company, following cyber incidents appears to have buoyed the companies share price over the past few days. Raising the share price by around $20. Should we be concerned about how markets perceive the effects of cyberattacks on company performance?
For example when considering the response by the SEC to SolarWinds, the question of financial materiality does not appear to take precedence for the regulator. The SEC is progressing charges against SolarWinds following its 2020 hack that affected U.S government agencies and private sector companies.
While Okta reports minimal financial impact following cyber attacks, regulators have different expectations of materiality and risk management. However investors do not appear to be concerned about the companies security, with financial markets remaining focused on financial performance. One wonders if regulators will take a different view different view of materiality. The material effects on Oktas customer following the cyber attacks, is a different conversation.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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