PUGUN SJ
Frontier Communications Shares (NASDAQ:FYBR) era 3% less Friday morning, after the company acknowledged an operational disruption this week that it blamed on a cyberattack.
On April 14, Frontier found that a third party had gained “unauthorized access to portions of its information technological environment,” the company said.
The initiation of cyber incident response protocols resulted in the shutdown of some systems and this resulted in an “operational disruption that could be considered material.”
“Based on the Company’s investigation, it was determined that the third party was likely a cybercrime group, which had access to, among other information, personally identifiable information,” Frontier said in a filing.
The company says it believes the incident is contained and that it is restoring normal business operations. Meanwhile, Frontier does not believe that the incident is reasonably likely to have a material impact on its financial condition or results of operations.
Over the past five days, Frontier (FYBR) stock has risen slipped 12%; a year-end rally in 2023 has propelled the past six months gain at 16.2%.