Snowflake’s stock price (NYSE:SNOW) took a hit on Monday, falling 2% after cybersecurity firm Mandiant, owned by Google (GOOG) (GOOGL), released new information regarding a recent data breach that impacted the data warehousing company’s customers.
Mandiant attributed the attack to UNC5537, a group described as a “financially motivated threat actor.” In a blog post, Mandiant stated that a “significant volume of records” were stolen from roughly 165 Snowflake customers. The investigation conducted by Mandiant “did not find any evidence” suggesting a breach of Snowflake’s internal systems led to unauthorized access of customer accounts. Instead, Mandiant traced every related incident back to compromised customer credentials.
Mandiant’s investigation began in April 2024 after receiving intelligence on database records originating from a compromised Snowflake instance belonging to one of their clients. After notifying the victim, Mandiant was subsequently engaged to investigate the suspected data theft. The investigation revealed that the victim’s Snowflake instance was compromised by a threat actor using stolen credentials obtained through infostealer malware.
Snowflake has yet to respond to a request for comment from Seeking Alpha. Both Mandiant and Snowflake are collaborating on an ongoing investigation into the hack and are working with law enforcement officials. This news comes after Snowflake initially disclosed the data breach on May 30th.