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Home›Loans›Why Mimecast Stock fell today

Why Mimecast Stock fell today

By Katharine Fleischmann
March 11, 2021
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What happened

Actions of Mimecast (NASDAQ: MIME), an email security management company, slipped today after saying that a certificate the company uses to authenticate certain Microsoft services have been compromised. the technological actions fell 12.8% today and was down 12.6% as of 3:28 p.m. EST.

So what

The company said in an SEC filing today that about 10% of its customers are using the now compromised certificate and that there were “indications that a low single digit” of its customers were specifically target. Mimecast said it contacted customers to “resolve the issue.”

Image source: Getty Images.

Mimecast said Microsoft informed them that a “sophisticated threat actor” compromised the certificate the company uses to authenticate some of Microsoft’s services, including Microsoft 365 Exchange web services. This too stated in the file that: “The safety of our customers is always our top priority. We have engaged a third-party forensic expert to assist us with our investigation, and we will work closely with Microsoft and law enforcement, where applicable. ”

Today’s drop in stock prices leaves Mimecast stock down 7.9% in the past 12 months.

Now what

Today’s Mimecast announcement comes as tech and cybersecurity firms are still reeling from a recent attack on Solar winds, in which the company said US government systems were compromised by Russian-linked hackers. Mimecast did not say whether or not today’s announcement is related to the SolarWinds attack.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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