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Comment by oars | Hacker News Reader

Ubiquiti's stock price (NYSE: UI) dropped by over 25% from $380 to $290 during the week following news of its breach.

That's almost $5 billion wiped off the company's market capitalisation because of this employee.

Probably could have been a lot less and/or recovered by now had Ubiquiti not also gone through great lengths to cover it up and actively avoid taking appropriate mitigation action. https://krebsonsecurity.com/2021/03/whistleblower-ubiquiti-b...

I mean Nick Sharp certainly took a chunk out of them but there is more to the story for why the market lost that much faith.

But the Krebs article was based off statements by an anonymous whistleblower “Adam” - Nick Sharp himself, to further extort the company. Hard to know what is actually true in that article at this point

Wait, is Brian's source for that article Nick Sharp himself? If so, then I don't know what to take away from that article.

Try re-reading it, but replacing every instance of "Adam", with "Nick" and see how it comes across.

I'd love to see Krebs follow up on this.

You do realize that Brian Krebs source was Nick Sharp? At least according to the affidavit. And that he did this _after_ being investigated by the FBI?

Krebs got played here.

LOL, this is literally covered in the article! Sharp was the source for this story! He was lying to try and cover his tracks! Krebs should probably take this story down.

I’m shocked it hasn’t bounced back yet!

Some times these events (not security specifically) simply mask a market correction or trigger it. I have been in infosec a long time now and historically security incidents have rarely moved a stock price. Maybe temporarily, but it tends to bounce back after a year. Look at the massive Home Depot breaches from a while back for example. Perhaps consumers are less forgiving if it happens to a tech company.

Supply chain issues may be the bigger issue now.

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