Frontier: We were probably hacked

Frontier Communications, one of the nation’s largest Internet service providers, said it’s likely the company was hacked and expects the situation to affect its financials.

“On April 14, 2024, Frontier … detected that a third party had gained unauthorized access to portions of its information technology environment. Upon detection, the company initiated its previously established cyber incident response protocols and took measures to contain the incident. As part of this process, the containment measures, which included shutting down certain of the company’s systems, resulted in an operational disruption that could be considered material,” the company said in an SEC filing.

“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,” the company said.

Frontier’s stock has been on a steady downward spiral since April 14. On Friday, the company’s shares were trading at around $22, down almost 13% over the past week.

“The company believes it has contained the incident and has restored its core information technology environment and is in the process of restoring normal business operations,” Frontier said in its filing, noting that it continues to investigate the incident and that it has notified law enforcement authorities.

Importantly, Frontier said the hack is “reasonably likely to materially impact the company’s financial condition or results of operations.”

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