The shares of search engine colossus Google (GOOGL) traded on the edge of red and green during early trading on Thursday after the company warned that it was one of several organizations at the receiving end of a new “high volume” extortion email campaign. The emails are from a hacker group supposedly affiliated with ransomware group Cl0p
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However, as of 8:00 a.m. EDT on Thursday, GOOGL stock was up 0.36% to around $246 per share.
According to the American internet company, which is owned by U.S. tech giant Alphabet (GOOGL), the emails were forwarded to several of the firm’s executives. They contain claims that the hackers had access to sensitive data stolen from their Oracle E-Business Suite, according to Reuters.
The Oracle E-Business Suite is a software package comprising enterprise applications developed by Oracle (ORCL). It helps organizations manage core business functions such as finance, supply chain management, human resources, and customer relationship management.
Hackers Persist with Data Breaches
Google has said it presently lacks sufficient evidence to authenticate the claims made by the hackers. However, the email campaign represents the latest in data breaches by hacker groups targeting Google and other major tech companies.
Just last month, a hacker group self-styled Scattered Lapsus Hunters stole internal data from Alphabet. The group issued an ultimatum demanding that two of the company’s key security experts be fired. This comes even as Wiz, the cybersecurity firm Google recently acquired for $32 billion, has warned of increasing adoption of AI as a weapon by hackers.
More recently, Microsoft’s (MSFT) email servers also came onto the radar of suspected Chinese hackers who breached the servers used by foreign ministries. This piles on the recent attack on the tech company’s SharePoint software, impacting over 400 organizations, including U.S. government agencies such as the National Nuclear Security Administration.
Other recent breaches, including that of Salesforce’s (CRM) AI chatbot Drift, which expanded to hit Alphabet’s Google Gmail, show that hackers continue to pose a major cybersecurity threat to organizations around the world.
Is Google a Good Buy Right Now?
Across Wall Street, Alphabet’s shares currently boast a Strong Buy consensus recommendation, as seen on TipRanks. This is based on 30 Buys and eight Holds assigned by Wall Street analysts over the past three months. However, the average GOOGL price target of $244.89 suggests a 0.01% downside risk.
