Citi does not see risk to Snowflake numbers from security breach

Citi caught with Snowflake’s investor relations team following the blog post from Mandiant confirming the security breach was only at the customer credential level, especially those accounts that did not have proper multi-factor authentication in place. Mandiant identified roughly 165 organizations affected, or less than 2% of Snowflake’s total customers base, the analyst tells investors in a research note. The firm says there are no security breaches in the Snowflake’s environment. As such, it does not expect any impact to customers consumption or risk to numbers. Citi keeps a Buy rating on Snowflake with a $236 price target. The firm points out that Snowflake is now mandating all customers to use more advanced security controls such as multi-factor authentication.