Microsoft Corporation ( MSFT Quick Quote MSFT - Free Report) in a blog post revealed that its ongoing investigation related to the SolarWinds ( SWI Quick Quote SWI - Free Report) cyberattack detected that hackers were able to view some of its internal source code.
The company stated that it detected “unusual activity” for a few of its internal accounts and found out that one of those accounts has been employed to view source code in several repositories.
Microsoft added that no modifications were executed as the account in question was not having any authorization to facilitate changes to codes or engineering systems. The compromised accounts have now been remediated.
Citing the investigation process, Microsoft noted that it found no common TTPs (tools, techniques and procedures) pertaining to the misuse of fake SAML tokens against its corporate domains.
Further, the tech giant added that the investigation has yielded no sign of Microsoft’s systems being used to carry out attacks on others. Moreover, customer data and productions services were not breached by the hackers.
Last month, SolarWinds
reported a massive cyberattack that compromised its Orion network monitoring products rolled out between March and June. The company noted that its Orion networking monitoring products could have been utilized to hack the servers of nearly 18,000 of its clients. Increased Demand for Cybersecurity
Growing risk of sophisticated cyber attacks is boosting demand for robust security solutions. The attacks have drastically increased in the wake of COVID-19 crisis as hackers take advantage of sudden shift to remote work, online learning and telehealth trend.
Higher number of digital and online transactions, due to shelter in place guidelines, is also being exploited by hackers to steal sensitive data.
As mass vaccinations programs seem to be time consuming, these trends are unlikely to abate anytime soon. This calls for heightened cybersecurity measures.
Allied Market Research report, the worldwide cyber security market is expected to reach to $304.91 billion globally at an estimated CAGR of 9.4% between 2020 and 2027.
Further, migration of workloads to cloud by enterprises across the globe is fueling demand for cloud cybersecurity offerings.
According to a report from Fortune Business Insights, cloud security market, worldwide basis, is projected to witness a CAGR of 13.2% between 2020 and 2027.
The software giant is
leveraging emerging and latest technologies like Machine Learning (ML), and behavioural analysis to improve cybersecurity offerings.
The company’s Cyber Defense Operations Center monitors data points (measured in trillions) across network communications and devices to manage threats in real time. The company’s investment in security, data protection and risk management is an estimated $1 billion on an annual basis.
Providing clients with improved security offerings powered by pioneering technologies is expected to lead to higher adoption of the company’s security solutions portfolio.
Zacks Rank and Key Picks
Currently, Microsoft carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader sector are
Qorvo ( QRVO Quick Quote QRVO - Free Report) and Cirrus Logic ( CRUS Quick Quote CRUS - Free Report) . Both the stocks flaunt a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Qorvo and Cirrus Logic is currently pegged at 15.8% and 7.1%, respectively.
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