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TeamViewer Stock Slumps After Disclosing Cyberattack

TeamViewer’s stock experienced a sharp decline on Friday following the announcement of a cyberattack on its corporate IT environment. As of 05:10 ET (09:10 GMT), TeamViewer’s stock was trading 7% lower at €10.37, marking a year-to-date decrease of approximately 25%.

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The German software company, known for its remote computer maintenance software, disclosed the breach on Thursday, stating that it had detected an “irregularity” in its internal corporate IT systems the day before. In response, TeamViewer promptly activated its incident response team and engaged global cybersecurity experts to investigate the incident. Remediation measures were swiftly implemented.

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TeamViewer reassured stakeholders that its corporate IT environment is completely isolated from its product environment. The company stated there is no evidence suggesting any impact on customer data as a result of the breach.

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Currently serving over 640,000 customers globally and installed on more than 2.5 billion devices since its inception, TeamViewer emphasized its ongoing commitment to cybersecurity. However, specific details about the perpetrators of the attack or the method employed were not disclosed. TeamViewer indicated that investigations are ongoing and pledged to provide updates as new information emerges.

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