Microsoft (MSFT) is working to contain a major cyberattack targeting its on-premises SharePoint Server software, a tool used by government agencies, universities, and energy firms for internal collaboration. Currently, the breach has reportedly impacted around 100 organizations globally.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
The tech giant warned on Saturday about “active” cyberattacks targeting its servers. It said that the hackers are exploiting a newly discovered “zero-day” flaw to break into systems and gain remote access without authentication.
According to the Cybersecurity & Infrastructure Security Agency (CISA), hackers are using a tool called ToolShell to get around key security measures like multi-factor authentication and single sign-on, giving them full access to the systems. While Microsoft has released emergency fixes for some versions, systems with SharePoint Server 2016 are still exposed.
Microsoft has asked customers to install security updates quickly as attacks continue. The FBI and the UK’s cybersecurity agency are investigating the matter, but the attackers’ identities are still unknown.
Experts Warn of Larger Impact
Importantly, cybersecurity firms such as Palo Alto Networks (PANW) and Google Threat Intelligence Group estimate that over 10,000 organizations with internet-facing SharePoint servers may be vulnerable.
Netherlands-based cybersecurity firm, Eye Security, warns that even with patches, attackers can still pose as users or services. Since SharePoint links to tools like Outlook and Teams, the breach could spread fast, leading to stolen data and passwords.
Further, Daniel Card of British cybersecurity consultancy PwnDefend warned that the SharePoint breach may have hit many servers worldwide. He said companies should assume they have been compromised and look beyond patching to fully secure their systems.
Is Microsoft a Buy, Sell, or Hold?
Turning to Wall Street, MSFT stock has a Strong Buy consensus rating based on 31 Buys and three Holds assigned in the last three months. At $547.03, the average Microsoft stock price target implies a 7.17% upside potential.
