Apple Inc.’s share price up, denies iCloud security breach

Only a week before the official presentation of its new iPhone, Apple Inc. is waging a battle to salvage its reputation, after celebrities nude photos were illegally acquired from its iCloud storage service and leaked on the web.

The company denied that its online systems had been breached, but confirmed that some of its iPhone accounts have been attacked by hackers, prompting the company to patch the vulnerability.

“After more than 40 hours of investigation, we have discovered that certain celebrity accounts were compromised by a very targeted attack on user names, passwords and security questions, a practice that has become all too common on the internet,” the company said.

The company explained it was “outraged” by the situation but denied that there was a breach in the iCloud security: “None of the cases we have investigated has resulted from any breach in any of Apple’s systems including iCloud or Find my iPhone. We are continuing to work with law enforcement to help identify the criminals involved.”

However, the case highlights on the fact that some techniques adopted by companies may expose common Internet users at risk. Considering the fact that more and more people use social networks every day and post more sensitive information there, it has also become easier for hackers and criminals to obtain crucial information.

Meanwhile, on September 9th, the company is expected to reveal its newest version of the flagship iPhone with new features, which will boost the amount of private information stored with the company, including debit- and credit- card exposure, highlighting security issues.

Apple Inc. was 0.78% up to close at $103.30 per share yesterday, marking a one-year change of +48.41%, and valuing the company at $618.55. According to CNN Money, the 43 analysts offering 12-month price forecasts for Apple Inc. have a median target of $107.00, with a high estimate of $135.00 and a low estimate of $51.43. The median estimate represents a +3.58% increase from the last price of $103.30.