InfraCom: Redeye comments on reported data breach

Research Note

2024-10-16

14:51

Redeye comments on InfraCom's reported data breach, affecting over 10,000 persons. The breach reportedly occurred in late September 2024. While the direct financial impact appears limited, the negative publicity could lead to customers reassessing InfraCom as a supplier. Before this incident, Redeye believes InfraCom had lost trust from some investors, resulting in a discount. Redeye believes the sharp share reaction indicates a steeper discount due to this event. Redeye is seeking InfraCom for comments.

Rasmus Jacobsson

Fredrik Reuterhäll

Redeye notes Infracom was featured in a recent DI.se article, reporting on P4 Östergötland och P4 Värmland’s radio broadcast, where it was mentioned that Infracom’s systems had been hacked in late September related to Medley’s swimming pool and gym facilities in Finspång and Ljungsbro. After InfraCom refused to pay the extortion fees, over 10,000 people had their data leaked, whereas some 2,000 people had their bank account numbers leaked, dating back almost 20 years. While the extent of the hacking attack is unknown, it appears limited. However, based on the radio broadcast, the customer learnt about the hacking attack from P4 rather than from InfraCom, and the spokesperson stated that “it had to reassess its suppliers”. InfraCom noted that it had followed its policy and refrained from communicating uncertain information. The breach occurred in late September, and InfraCom may not have a complete view of it yet. While the direct financial impact appears limited, the negative publicity could lead to additional customers reassessing InfraCom as a supplier.

Additionally, Redeye believes the market discounts InfraCom following a series of instances where it did not update the market in a timely manner. Redeye believes this event further adds to the market’s discount. Redeye is seeking InfraCom for comments.

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