Veon, the parent company overseeing Ukraine’s largest mobile operator Kyivstar, disclosed the financial repercussions of a massive cyberattack that targeted its operations in December. The attack is expected to result in a staggering loss of approximately 3.6 billion hryvnias, equivalent to around $95 million in revenue for the fiscal year 2024.
The financial setback is attributed to the measures undertaken by Veon to mitigate the impact of the cyberattack on its customers. These measures primarily involved compensating users for the inconvenience caused by the disruptions stemming from the malicious incident.
The cyberattack, which took place in December, prompted Veon to take swift action to safeguard its operations and address the aftermath of the security breach. The resulting revenue loss underscores the severity of the incident and the company’s commitment to prioritizing customer satisfaction amidst the challenges posed by cyber threats.
Veon remains focused on strengthening its cybersecurity measures to prevent future attacks and ensure the resilience of its operations. The revelation of the financial impact serves as a stark reminder of the growing threats faced by corporations in the digital age and the imperative to fortify defenses against cyber adversaries.