Workday (WDAY) Gets Hit with a Data Breach

Business Insider

3 days ago

Workday (WDAY), a major player in human resources technology, confirmed that it experienced a data breach involving one of its third-party customer relationship platforms. In a recent blog post, the company revealed that hackers accessed personal data—mainly names, phone numbers, and email addresses—that were stored in the affected system. While the exact amount of information stolen hasn't been disclosed, the breach did not appear to impact the core HR systems used by customers to manage sensitive employee data.
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Although Workday stated there was no evidence that its customer environments were accessed, it didn't completely rule out the possibility. Nevertheless, the company warned that the stolen information could be used for social engineering scams, where attackers trick individuals into handing over even more sensitive data. The breach is particularly concerning due to Workday's huge customer base, which includes over 11,000 businesses and more than 70 million users. The incident was first reported on August 6, according to Bleeping Computer.
Interestingly, Workday didn't name the third-party platform that was compromised, but the incident follows a string of similar attacks on Salesforce-hosted (CRM) databases. Recently, companies like Google (GOOGL) and Cisco (CSCO) have also experienced breaches tied to Salesforce systems. Google believes that the group behind these attacks is ShinyHunters, known for using voice phishing to gain access to corporate cloud data. As of now, Workday has not answered key questions about the breach, including how many people were affected or whose data was taken.
Is WDAY Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on WDAY stock based on 22 Buys, eight Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average WDAY price target of $290.25 per share implies 26.2% upside potential.