PUGUN SJ
Frontier Communications stock (NASDAQ:FYBR) was 3% lower Friday morning, after the company acknowledged an operating disruption this week that it blamed on a cyberattack.
On April 14, Frontier detected that a third party had gained “unauthorized access to portions of its information technology environment,” the company said.
Initiating its cyber incident response protocols involved shutting down certain systems, and that resulted in an “operational disruption that could be considered material.”
“Based on the Company’s investigation, it has determined that the third party was likely a cybercrime group, which gained access to, among other information, personally identifiable information,” Frontier said in a filing.
The company says it believe the incident is contained and it’s restoring normal business operations. Meanwhile, Frontier doesn’t think the incident is reasonably likely to materially impact financial conditions or results of operations.
Over the past five days, Frontier stock (FYBR) has slipped 12%; a year-end rally in 2023 pushed its past-six-months gain to 16.2%.
