It was bound to happen. Apple shares are down nearly 4 percent on iCloud security concerns. This comes just days before Cupertino is expected to announce the “iPhone 6,” and unveil new iCloud features for iOS 8.

Earlier this week, Apple said that iCloud security holes weren’t to blame for nude celebrity photos recently being leaked online. Instead, they said that certain 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.”

They continued:

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.

For a while, Wall Street shrugged off this story, which first came to light last weekend. With iCloud still in the news, that is no longer the case.

As Reuters notes:

In the wake of the breach, cybersecurity experts and mobile developers have called out inadequacies in Apple’s and, more generally, cloud-services security. Thousands have taken to Twitter to express their frustrations with the company.

Some security experts faulted Apple for failing to make its devices and software easier to secure through two-factor authentication, which requires a separate verification code after users log in initially. The process requires several steps and more than rudimentary knowledge of a phone’s workings.

Next Tuesday, Apple is expected to announce a new mobile payments system. The company will also announce a public release date for iOS 8. The update comes with a new iCloud Photo Library, iCloud Drive, and Health app.

Personally, I think much of this will blow over, as more of the facts about the leak surface. Still, Apple will probably have to address this subject during Tuesday’s event, especially with much of the talk expected to focus on iCloud.

We’ll continue to follow this story.

In the meantime, see: Apple now inviting AppleSeed members to beta test iCloud for Windows with iCloud DriveSorry Apple, but Wellograph is the world’s first sapphire crystal smart watch, and Apple’s Find My iPhone to blame for iCloud celebrity photo leak?