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Home Themes Cybersecurity

Snowflake’s Security Under Fire: Customer Data Breaches Escalate

by Team Lumida
June 10, 2024
in Cybersecurity, Markets
Reading Time: 3 mins read
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white and black snowflake illustration

Photo by Kelly Sikkema on Unsplash

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Key Takeaways:

  1. Snowflake faces customer data breach issues, affecting LendingTree and Ticketmaster.
  2. Snowflake attributes breaches to customers not using multi-factor authentication.
  3. Potential investor concerns over Snowflake’s security measures and customer trust.

What Happened?

Snowflake’s security woes are growing. After Ticketmaster linked a data breach to Snowflake, LendingTree confirmed its subsidiary, QuoteWizard, experienced a similar breach.

LendingTree spokesperson Megan Greuling stated, “We can confirm that we use Snowflake for our business operations, and that we were notified by them that our subsidiary, QuoteWizard, may have had data impacted by this incident.”

Despite this, LendingTree assured that consumer financial account information and parent entity data were not affected.

Snowflake responded with a statement reiterating that its systems were not breached. Instead, it pointed to customers’ failure to use multi-factor authentication (MFA), a security measure that Snowflake does not mandate. The company noted that a former employee’s demo account was compromised due to using only a username and password. Chief Information Security Officer Brad Jones called it a “targeted campaign directed at users with single-factor authentication.”

Why It Matters?

This series of data breaches raises significant concerns for investors about Snowflake’s security protocols and customer trust. While Snowflake insists its systems are secure, the reliance on customer-implemented MFA could be seen as a weak link.

Investors must consider the potential impact on Snowflake’s reputation and customer retention. Trust is crucial in the data management sector, and any perception of lax security can lead to a loss of business.

What’s Next?

Investors should watch for further disclosures from Snowflake and its affected customers. The ongoing investigations by companies like LendingTree might reveal more about the extent and impact of these breaches.

Additionally, any moves by Snowflake to enforce stricter security measures, such as mandatory MFA, could influence customer confidence and market reactions. Monitoring competitor responses will also be critical to assess Snowflake’s relative market position.

Source: Tech Crunch
Tags: Customer Trustdata breachInvestor Concernsmulti-factor authenticationSnowflake
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018